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How Activist Hedge Funds Unlock Value for Shareholders
At the start of 2012 the Barry Rosenstein-founded hedge fund Jana Partners revealed that it held a 5.5% position in Marathon Petroleum (NYSE:MPC) a development that excited Wall Street equity analysts. The Street had been crying out for Marathon to spin off its midstream pipeline assets but Marathon’s management had been resistant with CEO Gary Heminger saying that “the “company’s crude and fuel transportation system provided flexibility and allowed it to buy cheaper oil and boost profit margins ” reported Businessweek. After buying a big stake in Marathon Jana famed for its activism convinced the company to consider a ...
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