Prominent activist hedge fund investor Barry Rosenstein of $5 billion JANA Partners won't be investing in Canadian companies anytime soon. The JANA founder reflected this Tuesday on his recently failed proxy contest with Calgary-based fertilizer maker Agrium during a discussion of activist investing at the Milken Institute's Global Conference in Los Angeles, saying the company's actions had cooled his view of investing in the chilly country. "There's a cost to what they did. There's a cost to corporate governance in Canada. Will I think twice about going back to Canada? Yeah, I would. That's not good for shareholders or values of Canadian stocks," Rosenstein said of Agrium, of which JANA is still the largest shareholder. He said the company "bribed shareholders" by paying brokers 25 cents for a successful vote in the proxy contest, a legal but controversial tactic in Canada. Rosenstein also said that Agrium's management team threatened to quit if JANA put one person on the board, which Rosenstein said is a violation of selective disclosure rules (JANA tried to put five directors on the board but was voted down by other shareholders April 9 after months of bitter debate with Agrium about the direction of the company)...Rosenstein said he also tries to be collaborative, but it's not always possible. "The mafia says you have to shoot somebody every once in a while to know who you're willing to deal with," the JANA founder joked. [Absolute Return]
Barry Rosenstein Gives Lucky Person Some Social Distance On The Cheap
He wanted $70 million, but can afford to take $37 million.
John Mackey Would Appreciate It If Jana Partners Refrained From Ruining His Book Tour, Capitalism
Barry Rosenstein is such a killjoy.
Jana Partners Not Sure That Putting Steak And Cheese Fries On Top Of A Bloomin’ Onion Will Solve Outback’s Valuation Problem
That or Barry Rosenstein’s still pretty hungry.