Friday, 30 September 2016
Last updated 16 min ago
Jan 28 2014 | 1:12am ET
A second activist hedge fund is taking aim at Juniper Networks.
Jana Capital has called on the computer networking company to cut costs and return capital to investors. The hedge fund warned that it believes "the board would benefit from the addition of new directors with a fresh perspective."
Jana's approach follows that of Elliott Management, which like Jana has taken a large stake in Juniper and has made similar demands of the company.
Jana said that Juniper has an "unfocused product line, a lazy balance sheet and share price underperformance." The hedge fund accused the company of being "overcapitalized… even by Silicon Valley standards," adding that it should get rid of certain business lines.
New York-based Jana has also recently taken stakes in Airbus Group, calling it "the superior opportunity within aerospace" and comparing it calling it an even better bet than Boeing Co., which the hedge fund invested in a year ago.