JANA Partners Files 13D on URS ~ market folly

Friday, February 28, 2014

JANA Partners Files 13D on URS

Barry Rosenstein's hedge fund firm JANA Partners has filed a 13D with the SEC regarding its stake in URS (URS).  Per the filing, JANA now owns 9.7% of URS with 7.28 million shares.

This is a net increase of only 105,300 shares since the end of 2013.  The filing was required due to activity on February 17th.

The main reason they filed the 13D, of course, was to disclose their activist investing intentions.  They have decided to meet with management to talk about the board of directors, capital structure, corporate structure and "other matters impacting shareholder value creation." 

JANA has requested the company delay the deadline to nominate board members.

Per Google Finance, URS is "a provider of engineering, construction and technical services. The Company offers a range of program management, planning, design, engineering, construction and construction management, operations and maintenance, and decommissioning and closure services to public agencies and private sector clients worldwide. It provides its services through four reporting segments: Infrastructure & Environment, Federal Services, Energy & Construction, and Oil & Gas Divisions. URS also is a United States federal government contractor in the areas of systems engineering and technical assistance, operations and maintenance, and information technology (IT) services. It provides services for federal, oil and gas, infrastructure, power, and industrial projects and programs."

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

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