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.
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