Activist-targeted Hain Celestial Group Inc. (HAIN) founder and CEO Irwin Simon suggested to TheStreet's (TST) sister publication The Deal on Monday, April 30, that the maker of Terra Chips and other organic and vegetarian foods could be sold down the road because "we're probably not the best guys to take it to the next level."
The possibility that Hain could sell itself comes as the organic foods company is seeking to sell its Pure Protein chicken and turkey unit, in a move that is intended to make the maker of Terra Chips and other organic and vegetarian foods more attractive to large packaged foods companies, according to people familiar with the situation.
Activist Glenn Welling, and his Engaged Capital LLC reached a deal in September to take control of the 11-person Hain board by bringing in six dissident directors. As part of that settlement, Welling scored a seat on a newly-created strategic review working group that hired banker Centerview Partners.
Hain shares were down about 4%, or $1.14 per share, to $27.99 on Tuesday. The company is down about 33% year-to-date.
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Editor's note: A complete version of this was published by The Deal, a sister publication of TheStreet that offers sophisticated insight and analysis on all types of deals. Click here for a free trial.
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