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Whole Foods' 'greedy bastards' to earn $300 million

Staff Writer | June 17, 2017
Jana Partners, the hedge fund that Whole Foods Market chief executive John Mackey lambasted as "greedy bastards," stands to make roughly $300 million from the sale of the grocery chain to Amazon.
Whole Foods Market
Acquisition   "They are greedy bastards"
Activist hedge fund Jana, led by Barry Rosenstein, disclosed a nearly 9 percent stake in Whole Foods in April.

The hedge fund held 26,074,830 shares purchased at an aggregate price of about $794.5 million as of May 27, 2017, a filing with the U.S. Securities and Exchange Commission showed.

Amazon said on Friday that it would buy Whole Foods for $13.7 billion

Jana, Whole Foods' second largest investor, had been pushing the company to perform better and add directors with experience in retail, technology, finance and real estate.

It was widely reported that Jana was pressing Whole Foods to consider a sale.

Whole Foods did not embrace Jana's suggestions. In May, it named a new chief financial officer and five independent directors who had not been on a slate proposed by Jana.

"We need to get better, and we’re doing that," Whole Foods chief executive John Mackey told Texas Monthly in an interview this month.

"But these guys just want to sell us because they think they can make forty or fifty percent in a short period of time.

"They’re greedy bastards, and they’re putting a bunch of propaganda out there, trying to destroy my reputation and the reputation of Whole Foods because it’s in their self-interest to do so."