JANA Partners Files 13D on Tiffany & Co ~ market folly

Thursday, February 23, 2017

JANA Partners Files 13D on Tiffany & Co

Barry Rosenstein's activist hedge fund JANA Partners has filed a 13D with the SEC regarding Tiffany & Co (TIF).  Per the filing, JANA now owns 4.9% of Tifany with over 6 million shares (inclusive of options to purchase 1.39 million shares).

This is a newly disclosed position for JANA.  The filing notes they were buying throughout January and into early February, with the bulk of their buying coming at between $77.19 and $83.15.  They're working together as a group with Francesco Trapani (who owns $16 million worth of stock as well) who they've nominated to the board.

The filing specifically notes they've had discussion with Tiffany about: "the balance sheet, potential opportunities to accelerate top line growth and expand margins, supply chain, working capital, and the composition of the board."

Per Google Finance, Tiffany & Co is "a jeweler and specialty retailer. Through its subsidiaries, the Company designs and manufactures products and operates TIFFANY & CO. retail stores. The Company's segments include Americas, Asia-Pacific, Japan, Europe and Other. The Americas segment includes sale in Company-operated TIFFANY & CO. stores in the United States, Canada and Latin America. The Asia-Pacific segment includes over 80 Company-operated TIFFANY & CO. stores in China, Korea, Hong Kong, Taiwan, Australia, Singapore, Macau, Malaysia and Thailand. The Japan segment includes approximately 60 Company-operated TIFFANY & CO. stores. The retail sales in Europe are transacted in over 40 Company-operated TIFFANY & CO. stores. The Other segment includes retail sales and wholesale distribution; wholesale sales of diamonds, and licensing agreements."

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