(P3P) – Dan Loeb’s activist hedge fund Third Level LLC is taking a place in Pinnacle Meals Inc (PF.N) and is looking for a gathering with the U.S. packaged meals firm, folks accustomed to the matter stated on Friday.
Pinnacle Meals, the maker of packaged meals similar to Vlasic pickles, explored a sale final Might to Reddi-wip whipped cream proprietor Conagra Manufacturers Inc (CAG.N), however their talks by no means superior, P3P reported on the time.
Since then Pinnacle’s shares have modified little, whereas the S&P 500 Index has risen near 20 p.c.
It’s not clear how huge Third Level’s stake within the firm is or what its intentions are, stated the sources, who requested anonymity to debate the confidential matter. It’s attainable that Third Level doesn’t go public with any calls for, one of many sources added.
Pinnacle and Third Level didn’t instantly reply to requests for remark.
Pinnacle shares ended buying and selling up four p.c on the information at $61.65, giving the corporate a market capitalization of round $7 billion.
Parsippany, New Jersey-based Pinnacle, whose manufacturers embody Duncan Hines baking merchandise and Birds Eye frozen greens, has made a push towards more healthy choices, that are faster-growing and generate increased revenue margins.
Pinnacle purchased Boulder Manufacturers Inc, proprietor of Udi’s Gluten Free Bread, for $975 million in 2016.