Activist investor Jana Partners has reduced its stake in Dominick’s parent company Safeway. Jana noted that it was pleased with the steps the grocer has taken to exit the Chicago market and review its business, according to a report in Reuters.
In September, Jana disclosed it had taken a stake in the retailer and had held talks with Safeway about reviewing strategic alternatives. These discussions included exiting weak markets. Safeway announced it was leaving the Chicago market in October.
Jana reported that it had reduced its stake in a SEC filing and revealed that it held 10.1 million Safeway shares, or 4.1 percent of shares outstanding, down from 6.2 percent in September. This reduction included a sales of 3 million shares on Monday. Jana bought its shares at an average price of $26.67 and shares on Wednesday closed down 2.2 percent at $34.21.
Stay tuned to AndNowUKnow as information surrounding Jana’s stake in Safeway becomes available.
