2023-05-25 07:59:34 ET
Freshpet ( NASDAQ: FRPT ) issued a statement late on Wednesday in response to the push by activist investor Jana Partners to land four of its nominees on the company's board.
In the response , Freshpet ( FRPT ) maintained that it has engaged with Jana extensively to understand the perspectives presented and address concerns.
"Unfortunately, JANA has made clear to us that their sole purpose is to force a sale of the Company without consideration of all potential paths to value creation. Despite the difference of perspectives, the Board has attempted to reach a constructive resolution with JANA but its offers were rejected."
Looking ahead, Freshpet ( FRPT ) said it remains hopeful to avoid a distracting proxy fight as the management team continues to focus on driving growth and margin expansion.
The letter also outlined key ongoing initiatives at Freshpet ( FRPT ) to create value for shareholders including and operational improvement plan, new C-suite hires, investments in long-term capacity with new technology, and the opening of the first phase of the state-of-the art Freshpet Kitchen.
Shares of Freshpet ( FRPT ) traded flat in premarket action on Thursday.
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- Freshpet earnings call transcript
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Freshpet plays defense in proxy fight against Jana Partners