Investors Profit From Smurfit-Stone Container Deal
NEW YORK ( Insider Monkey) - Barry Rosenstein's Jana Partners started a brand new position in their portfolio during the most recent third quarter.
They bought more than 500,000 shares of Smurfit-Stone Container (SSCC), valued at less than $10 Million at the end of September.
Today, Smurfit-Stone announced that it will be acquired by Rock Tenn (RKT) for $35 a share. This means Jana Partners made more than 80% from its SSCC investment in less than four months.
The deal also boosted the paper sector. International Paper increased more than 3%, Temple Inland (TIN) gained 5.3%, KapStone Paper & Packaging (KS) was up 4.6%, and Boise (BZ) increased 3.4%. Surprisingly, Rock Tenn also gained 3.7% after the announcement.Appaloosa Management's David Tepper was another hedge fund manager who profited handsomely from this deal. David Tepper had more than 200,000 shares of Smurfit-Stone at the end of September. He also had 570,000 shares of Temple Inland and 1.9 million shares of International Paper (IP). David Tepper is a sector investor. At the end of September he had sizable positions in health care and semiconductors as well. This article was originally published at Insider Monkey.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV