Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, September 8, 2014

Jana Partners wins Walgreen board seats, (NYSE: WAG)

U.S. drugstore chain operator Walgreen Co said it had appointed Barry Rosenstein of hedge fund Jana Partners to its board as the company moves to complete its takeover of drugstore chain Alliance Boots. Rosenstein, Jana's founder and managing partner, will join Walgreen's board immediately and Jana will place a second director who will be mutually agreed by the company and the hedge fund, Walgreen said, without giving any specific reasons for the appointments.Walgreen had come under pressure from investors including Jana to shift its tax domicile to Switzerland or Britain as part of the Alliance Boots deal, but the company last month rejected this following domestic criticism of such tax-cutting deals.Jana and Walgreen had been engaged in discussion about steps the company could take to boost its shares, even as Walgreen rejected the idea of moving its tax domicile, the Wall Street Journal reported on Monday. ("We are pleased to welcome Barry to the board in this pivotal moment for our company as we anticipate the completion of the Walgreens-Alliance Boots merger," James Skinner, chairman of Walgreen's board of directors, said in a statement.

Walgreen Co. (Walgreens), together with its subsidiaries, operates as a retail drugstore chain in the United States. Shares of WAG traded higher by 2.39% or $1.49/share to $63.95. In the past year, the shares have traded as low as $49.54 and as high as $76.39. On average, 8762420 shares of WAG exchange hands on a given day and today's volume is recorded at 20609984.