Jana Says Rockwood Worth $80 a Share in Possible Takeover
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Jana Partners LLC, the $5 billion activist hedge fund run by Barry Rosenstein, said Rockwood Holdings Inc., the specialty chemicals maker seeking to exit businesses, may be worth $80 a share in a takeover.
Rockwood, which seeks to focus on its lithium and surface-treatments businesses, could attract bids from larger chemicals makers after selling other units, Jana said in a first-quarter letter to investors. Rockwood shares climbed 1.3 percent to close at $64.05, bringing this year’s gain to 30 percent.