After market close on October 4, JANA Partners filed a form 13D disclosing its ownership of approximately 13.5 percent of Outerwall (NASDAQ:OUTR) shares. The filing contained the following language.
“The Reporting Person acquired the Shares because it believes the Shares are undervalued and represent an attractive investment opportunity. The Reporting Person intends to have discussions with the Issuer’s board and management regarding: a review of strategic alternatives, including exploring a strategic transaction, selling or discontinuing certain businesses, or pursuing a sale of the Issuer; the Issuer’s capital structure including providing for a significant return of capital to shareholders; improving the Issuer’s capital allocation policy; and cost-cutting opportunities.
“The Reporting Person may also seek to discuss other topics, including management and board composition, strategy and future plans. The Reporting Person expects to have discussions with the Issuer’s management and board of directors, shareholders, and other parties relating to such matters, and may take other steps seeking to bring about changes to increase shareholder value as well as pursue other plans or proposals.”