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Activist Jana Discloses Stake In Takeover Target Instructure

Scott Deveau

(Bloomberg) -- Jana Partners has added its name to the list of activist investors that have taken a stake in takeover target Instructure Inc.

The New York hedge fund said in regulatory filing it had a 1% stake in the educational software company as of Sept. 30. The news came as Instructure on Thursday confirmed a Bloomberg News report it was exploring strategic alternatives, including possible sale of the company.

Representatives for Jana and Instructure weren’t immediately available for comment.

Activist investors Sachem Head Capital Management and Praesidium Investment Management Co. have also built stakes in Instructure and have been advocating for a sale, according to people familiar with the matter.

Jana, the activist fund run by Barry Rosenstein, also sold down its stake in another takeover target, Axalta Coating Systems Ltd. to 1.7% from 2.5% in the second quarter. It also trimmed its its positions in Zimmer Biomet Holdings Inc., HD Supply Holdings Inc. and restaurant chain, Jack in the Box Inc.

The firm exited its investment in Falcon Minerals Corp. during the quarter.

To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.net

To contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Matthew Monks

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