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Freshpet's Largest Shareholder, Jana Partners, Pushes for Strategic Overhaul

Vandana Singh
·1 分鐘文章

  • Jana Partners plans to launch a proxy battle with Freshpet Inc (NASDAQ: FRPT) and nominate four directors.

  • Jana is the largest shareholder in the pet food company, with an approximate stake of 9.3%.

  • At its peak, Freshpet had a market value of around $8 billion, now around $3.2 billion.

  • Jana says in the letter that more than half of Freshpet’s independent directors “pursued outside interests with corporate resources and key members of management.”

  • In September, The Wall Street Journal reported that Jana had amassed a sizable stake in Freshpet and planned to push it to make changes to boost its stock price and explore a sale.

  • Jana now argues that the board has “disregarded its most basic duties to shareholders,” according to the letter, first reported by the Wall Street Journal.

  • A spokesperson for Freshpet said the company has engaged with Jana “extensively” over the past nine months to address the firm’s concerns.

  • “Unfortunately, Jana has made clear to us that their sole purpose is to force a sale of the company without consideration to all potential paths to value creation,” the spokesperson said. “

  • Earlier this month, Freshpet reported first-quarter FY23 sales growth of 26.7% year-on-year to $167.52 million, beating the consensus of $166.90 million.

  • Freshpet sees FY23 sales of about $750 million (consensus $752.3 million), representing an increase of ~26% from 2022.

  • Price Action: FRPT shares closed at $66.20 on Wednesday.

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This article Freshpet's Largest Shareholder, Jana Partners, Pushes for Strategic Overhaul originally appeared on Benzinga.com

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