Kenvue (NYSE:KVUE), the consumer care spinoff of Johnson & Johnson’s (JNJ), traded higher on Friday after The Financial Times reported that activist investor Dan Loeb’s hedge fund, Third Point Capital, has amassed a stake in the company.
Citing people familiar with the matter, the publication noted that Kenvue's (NYSE:KVUE) management will come under renewed investor scrutiny after the transaction, which marks the third activist campaign against the Band-Aid maker.
The details about the size and extent of the Third Point’s stake were not immediately clear. However, in early March, KVUE settled a closely watched proxy fight with activist investor Starboard Value by naming three new directors from the New York-based hedge fund to the company’s board.
Weeks later, Reuters reported that activist investor TOMS Capital Investment Management has also built a stake in Kenvue (NYSE:KVUE), seeking an outright sale of the company or a separation of assets. In 2022, Third Point and TOMS built stakes in Colgate-Palmolive (CL), pushing for a sale of its Hill’s Pet Nutrition division.
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