Hedge fund Jana Partners LLC disclosed in a regulatory filing on Tuesday that it had acquired a 6.2 percent stake in grocery chain Safeway Inc (SWY.N).
Jana said it has held talks with Safeway management about reviewing strategic alternatives for the Pleasanton, California-based company and that its shares are undervalued.
The hedge fund also said it has spoken with Safeway about exiting lower margin geographies.
Safeway said on Tuesday it had adopted a so-called poison pill to prevent an unwanted takeover of the company.
To read the rest of the story, please go to: Reuters
