Activist hedge fund buys 7.2 percent of ConAgra stock - KWWL - Eastern Iowa Breaking News, Weather, Closings

Activist hedge fund buys 7.2 percent of ConAgra stock

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OMAHA (KWWL) -

A hedge fund and activist investor in New York has amassed a chunk of ConAgra stock, saying it intends to force changes at the company that it says is languishing, according to the Omaha World-Herald.

The Omaha-based company also operates a facility it plans to expand in Waterloo.

Jana Partners Inc. said it purchased a 7.2 percent stake in ConAgra Foods Inc., according to the World-Herald.

Jana said ConAgra hasn't addressed the "shareholder value destruction" that it said came in the wake of the purchase of Ralcorp, according to the World-Herald.

ConAgra shares jumped more than 7 percent in after-hours trading on the New York Stock Exchange after the news of the Jana purchase.

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