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JANA at a standstill with Pinnacle Foods 

JANA Partners wants Pinnacle Foods sold, which is the fund’s typical thesis. Now, JANA has ended its 2015 standstill agreement with ConAgra Brands. The fund can now push more aggressively for a merger of ConAgra and Pinnacle. 

ConAgra kicked the tires at Pinnacle last year, but the price was the hangup. JANA has a 9.1% stake in Pinnacle. The move away from processed foods by consumers is real and it’s happening. Consolidation in the private label industry is coming (it has to come for survival’s sake). 

Hopefully, with a merger, ConAgra can bring some best practices to Pinnacle. ConAgra has been streamlining its food portfolio, catering to more ‘contemporary’ tastes and using healthier ingredients. 

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