BOSTON (Reuters) – Activist investment firm Jana Partners has nominated directors to the board of life sciences company Laboratory Corp of America (NYSE:) Holdings, including Edwin “Mac” Crawford, who has a reputation for turning around struggling companies, sources familiar with the matter said on Tuesday.
Jana Partners bought 811,661 shares in Labcorp late last year. News that it has engaged with the company and nominated directors sent the company’s share price higher on Tuesday.
The stock climbed as much as 3% but then lost some ground to trade at $246.63 in early afternoon.
Jana declined to comment.
Crawford, a former chairman of CVS Caremark, has teamed up with Jana Partners in the past and took a board seat at Team Health Holdings along with a partner from Jana in 2016.
Bloomberg first reported that Jana had nominated directors at Labcorp.
The company did not immediately respond to requests for comment.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Need Your Help Today. Your $1 can change life.
If you registered an account, please enter your details below to login. If this is your first time, proceed to the donation form.