Barry Rosenstein Talks Outerwall, JANA Reduces Agrium Stake ~ market folly

Friday, October 11, 2013

Barry Rosenstein Talks Outerwall, JANA Reduces Agrium Stake

JANA Partners founder Barry Rosenstein appeared on CNBC yesterday and we wanted to highlight some of his thoughts.  Additionally, JANA Partners filed an amended 13D with the SEC, indicating they've reduced their stake in Agrium (AGU).

On Outerwall (OUTR):  In his interview, Rosenstein said, "Nothing's off the table, there's a lot of options with this company... There's a lot of people interested in it, I've been contacted by a number of people since we showed up."  JANA's founder wants the company to return cash to shareholders.  He also thinks their Redbox DVD rental has a long life ahead of it.  We highlighted how JANA recently went activist on OUTR.

On what JANA looks for in an investment:  "We don't necessarily screen... we look for two things: value and catalysts.  Basic businesses, easy to understand business models, recurring revenues, and then there's gotta be a catalyst.

Reduced Agrium stake:   Per the SEC filing, JANA has sold over 7.3 million shares of their Agrium (AGU) stake.  The filing was required due to activity on October 8th and they're now left with just over 3.9 million shares.

Embedded below is the brief video CNBC has uploaded of Rosenstein's interview:

For more on this hedge fund, head to some of JANA's other recent portfolio activity.

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