Jana Partners has a long way to go before persuading Agrium
Inc. shareholders that the fertilizer maker needs to be broken up, but the
hedge fund may turn a few heads with its analysis that there is about 50-per-cent
upside in the stock, the Globe abnd Mail reports.
Jana has been working behind the scenes pitching its plan to
investors and management for months. On Monday, it unveiled its analysis
publicly for the first time. Jana founder Barry Rosenstein laid out his
argument at the Value Investing Congress in New York City, a marquee event for
value investors to present their best ideas. His 41-page presentation built up
to one big number in the finale: $50 a share. That is how much the hedge fund suggests is there for the
taking in Agrium stock if management agrees to carve up the company…..
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