Jana nearly halves Jack in the Box stake
14 Jan 2019 10:27 pm by Brian Baker
Activist investor Jana Partners reduced its stake in Jack in the Box by almost half, according to a securities filing today.
The investment firm now holds 864,431 shares, or a 3.4 percent stake, down from 6 percent earlier this year.
The share sales come after the fast-food company said last month that it was exploring strategic alternatives and had talked with potential buyers. The board didn't set a timetable to complete the process and said there was no guarantee a sale would take place.
In October, San Diego-based Jack in the Box reached a deal to allow Jana to add two independent directors to its board, one of whom could be a Jana employee. The agreement would increase the board’s size from nine to 11 directors.
The fund reported the sale of 687,090 shares from Jan. 7 to Jan. 11 for an average price of $80.99 a share. Jack in the Box shares closed on Monday at $81.05.
Jack in the Box shares are down about 15 percent over the past year.
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