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.
This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

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