2023-05-24 11:15:19 ET
Activist investor Jana Partners is expected to start a proxy fight with Freshpet ( NASDAQ: FRPT ) , nominating four directors for the pet-food company's board.
Jana has a 9.3% stake in Freshpet and is now the company's largest holder, according to a WSJ report, which cites a letter Jana is expected to send to shareholders on Wednesday.
The latest update comes after the WSJ reported in September that Jana Partners had a large stake in Freshpet ( FRPT ) and was seeking to have the company acquired by one of its largest competitors while also considering operational improvements.
Jana in March said Jana said Freshpet ( FRPT ) required either "significant" board change or in the absence of boardroom change, a sale of the company should occur.
Last Wednesday, Freshpet ( FRPT ) announced several actions tied to the operational improvement plan launched in August of last year, and it named Walter George the new independent chair of the board.
Freshpet ( FRPT ) shares fell 3.3% in trading on Wednesday.
A Dealreporter item earlier this month indicated that Freshpet ( FRPT ) has no plans to seek a sale of the pet food company.
For further details see:
Activist Jana set to start proxy fight with Freshpet - report