Jana built 5% stake in Lamb Weston, to push for sale, WSJ reports

Jana Partners has built a stake of roughly 5% in Lamb Weston (LW) and plans to push the company explore a sale, Lauren Thomas of Wall Street Journal reports, citing people familiar with the matter. Jana also wants Lamb to improve its operations and capital allocation strategy, and Jana could nominate directors to the company’s board, sources told the Journal. The activist is working with industry executives including Lamb Weston’s former executive chairman, Timothy McLevish, they added. Shares of Lamb Weston are up 7% to $76.30 following the report.