Jana Partners’ Stake in Pinnacle Foods Could Lead to the Realization of Long-Standing Sale Rumors
We do not plan to alter our $56 per share valuation for no-moat Pinnacle Foods in the wake of news that activist investor Jana Partners has accumulated a nearly 10% stake in the firm. Still, we believe the news suggests upside potential, particularly if long-standing sale rumors are realized for an asset that we estimate could garner a roughly 30% premium to pre-Jana-disclosure trading levels.Jana (which is pushing for a sale but may also seek an altered board composition or cost structure) has...
Pinnacle Foods is a holding company. The company is a manufacturer, marketer and distributor of convenience food products. The company's operations are managed and reported in four operating segments: frozen, which is comprised of the retail businesses of the company's legacy frozen brands, including vegetables, complete bagged meals, frozen dinners and entrees, among others; grocery, which is comprised of the retail businesses of the company's grocery brands; boulder, which is comprised of the retail businesses of the company's health and wellness lifestyle brands; and specialty, which includes the company's snack products (Tim's Cascade and Snyder of Berlin) and all of its U.S. foodservice and private label businesses.
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