Jana Partners Urges Cooper Companies to Replace CEO and Explore Sale

ManagementM&A · Partnership
โดย Seeking Alpha·US·Read original
Summary · why it matters

Activist investor Jana Partners has sent a letter to Cooper Companies urging the contact lens maker to pursue a sale and change its leadership, according to a Wall Street Journal report. Jana said Cooper requires an urgent overhaul to address what it called chronic underperformance and its inability to manage inventory and capital spending. The hedge fund called on the company to replace CEO Albert White, appoint a new board chair, engage with potential buyers of the contact lens business, and consider selling its fertility and medical device assets. Jana began building its stake in Cooper roughly a year ago and previously suggested the company consider strategic alternatives, including a potential combination with rival Bausch + Lomb. Cooper shares climbed 1.7% post-market Thursday on the report; they have slumped 34% year to date, and the company reduced its full-year outlook earlier this month after lowering its contact lens inventory as part of a strategic review.

Impact on stocks 2

Aging Population▲ · 1 stocks
The Cooper Companies, Inc
COO
▲ PositiveCapitalrelevance

Activist Jana Partners urges Cooper to pursue a sale, replace its CEO, and explore asset sales, a financial/strategic event for the company.

Health Care▲ · 1 stocks

Off-coverage companies 1

JANA PartnersPrivate± Mixed
relevance

Jana Partners is the activist author of the letter, but the news is about its target Cooper, not a driver of Jana's own value.

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