$6.3B Office Depot (ODP) Acquisition Approved; eBay (EBAY) Sells Back Its Stake in Craigslist
ConAgra (CAG) under pressure from activist investorJana Partners LLC, activist hedge fund, is pushing for a change in ConAgra Foods Inc's board and a spin-off of Ralcorp. ConAgra acquired Ralcorp back in 2012 for $5 billion and planned to capitalize on the growth of the private-label sector. But instead of stimulating growth, Ralcorp was struggling with its older brands forcing ConAgra to write down the value of the private-label unit by a total of about $2.2 billion. Jana Partners has a 7.2% stake in ConAgra and is going to nominate Brad Alford, the former CEO of Nestle USA division, and James A. Lawrence, the former CFO of General Mills and Unilever, to the board.
Craigslist gets 28.4% back from eBay (EBAY)In an effort to focus on its core business and end prolonged litigations, eBay Inc. announced today that it's selling its 28.4% stake in Craigslist back to the company for an undisclosed amount. Craigslist sued eBay for allegedly using proprietary information to start a competing business, ebayClassifieds.com. According to some analysts, with this one move, eBay redirects spotlight back to its main business, generates cash, and keeps shareholders happy.
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Published on Jun 19, 2015By Adam Colgate