Sunday, 28 December 2014
Last updated 3 days ago
Sep 18 2013 | 11:04am ET
Activist hedge fund Jana Partners has pushed Safeway to take a poison pill.
Jana yesterday disclosed a 6.2% stake in the California-based grocery-store chain, calling it undervalued. The hedge fund said it had spoken with Safeway management about strategic alternatives and about cutting back on its geographic reach.
In response, Safeway said it had adopted a poison-pill provision to prevent any investor from taking more than a 10% stake in the company, and that it was working with Goldman Sachs to defend against a takeover bid.
Among Jana's demands are the return of a "significant" amount of capital to investors, closing stores in regions where profit margins are lower and distributing the company's majority stake in its gift-card business to shareholders. That unit, Blackhawk Network Holdings, was spun-off earlier this year.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.