Agrium Inc. (USA) AGU shares jumped Friday after an activist hedge fund boosted its stake in the company to 5.7 percent and said it may discuss strategic matters with the company.
Jeffrey W. Ubben's ValueAct Capital said it took the stake in the Calgary-based fertilizer maker and retailer to benefit from changes in the stock price or from changes in strategy or a merger.
It's deja vu for Agrium, which last year fought off activist investor Barry Rosenstein's Jana Partners, which, in a failed proxy battle, pushed the company to sell its retail operations.
On losing the vote, Rosenstein accused Agrium's board of "playing dirty" and violating "all precepts of good corporate governance, fair play and ethical behavior."
Agrium shares gained more than 7 percent around mid-day Friday, trading at $92.74 per share.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
