Investor pressure grows at SunOpta as 3rd hedge fund reports stake

Thu Sep 15, 2016 10:07am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

NEW YORK, Sept 15 (Reuters) - Activist investor Engaged Capital reported a 7.5 percent stake in SunOpta Inc on Thursday, becoming the third hedge fund to target the Canadian organic food company this year.

U.S. hedge fund Tourbillon Capital pressured the company to explore a sale earlier this year. In July, Canadian hedge fund West Face Capital disclosed a stake, pushing for board and management changes should a sale fail to materialize.

Dan Gagnier, a spokesman for SunOpta, said Engaged has been a shareholder in the company off and on over the last few years and said the company has entered an agreement with the hedge fund to seek its advice during a strategic review process.

"We look forward to a constructive dialogue with Engaged, as we do all shareholders, as we work to complete our process," Gagnier said.

SunOpta shares rose 8.3 percent to C$9.31 on Thursday. (Reporting by Michael Flaherty; Editing by Jeffrey Benkoe)