Jana Partners has completely exited ATM company NCR.
Barry Rosenstein’s hedge fund left its position as NCR’s largest shareholder, selling off its 9% holdings, reports the New York Post. Jana sold its stakes before Wednesday’s announcement that NCR’s talks with private equity firm Thoma Bravo had collapsed. Thoma Bravo dropped its potentially $9 billion pursuit of NCR after the companies failed to come to an agreement on price. NCR’s stock dropped 9.1% to $27.61 after the news.
Jana likely made a good profit from its sale, as the NCR stock climbed to almost $35 in June with word of the potential deal with Thoma Bravo. Jana bought its 14.8 million shares earlier this year when the price was between $25 and $29. The stake was a passive one for Jana, who is known for taking an activist approach to many investments.
Photo: daniel lobo