JANA Partners sells 5 million shares of Convergys, keeps 9.8% stake

By Lisa Kerner

Charlotte, N.C., May 6 - JANA Partners LLC sold 5 million shares of Convergys Corp. on May 4 for $9.25 per share, it was reported in a schedule 13D/A filed with the Securities and Exchange Commission on Wednesday.

With the sale, JANA drops its stake in the Cincinnati-based relationship management services company to 9.8%. JANA beneficially owns 12,035,512 shares of Convergys' outstanding stock.

According to the filing, JANA continues to have confidence in the board's commitment to creating maximum value for shareholders.

In February, Convergys agreed to expand its board to 14 and add three new directors: JANA managing partner Barry Rosenstein, Technology Value Investors chief executive officer and former chief operating officer of Alltel Corp. Jeffrey H. Fox and a new, independent director to be mutally agreed upon by the company and JANA.

JANA agreed to abide by some standstill provisions through six months after the 2010 annual meeting.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.