BREAKINGVIEWS-French fries make a tasty $11 bln takeover target

Reuters11-05

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)

By Jeffrey Goldfarb

NEW YORK, Nov 5 (Reuters Breakingviews) - Lamb Weston, which sells spuds to McDonald’s and others, is under pressure from pushy investor Jana. A bolder turnaround plan could get messy and leave it a hard-to-value oddball anyway. It’s a better side dish for a peer like agribusiness giant Cargill or cereal company Post.

Full view will be published shortly.

Follow @jgfarb on X

CONTEXT NEWS

Hedge fund manager Jana Partners on Oct. 18 disclosed a 5% stake in french-fry maker Lamb Weston and said it intends to discuss the composition of the company’s board and a potential strategic review with management and existing directors.

Jana is working with privately owned agricultural firm Continental Grain and former Lamb Weston Chairman Timothy McLevish.

In a regulatory filing, Jana said it believes Lamb Weston shares are undervalued, blaming a “litany of self-inflicted missteps.”

(Editing by Jonathan Guilford and Pranav Kiran)

((For previous columns by the author, Reuters customers can click on jeffrey.goldfarb@thomsonreuters.com))

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