JANA Partners Goes Activist on Outerwall (OUTR) ~ market folly

Monday, October 7, 2013

JANA Partners Goes Activist on Outerwall (OUTR)

Barry Rosenstein's hedge fund JANA Partners filed a 13D on shares of Outerwall (OUTR) and has disclosed a new 13.5% ownership stake in OUTR with 3,777,995 shares.

The activist 13D filing includes the standard boilerplate that JANA expects to talk with management.  In particular, they want to focus on "a review of strategic alternatives including exploring a strategic transaction, selling or discontinuing certain businesses, or pursuing a sale."

Outerwall was formerly called Coinstar and is known for their Redbox DVD rental kiosks, among other businesses. 

JANA was out buying in late August around $62-63, throughout September around $48, and then bought 1 million shares on October 4th at $52.25.

This hedge fund has been busy lately and we also recently highlighted how JANA went activist on Safeway as well.

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