NEW YORK (
) - 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
, valued at less than $10 Million at the end of September.
Today, Smurfit-Stone announced that it will be acquired by
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%,
KapStone Paper & Packaging
(KS - Get Report)
was up 4.6%, and
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
at Insider Monkey.