Appaloosa, founded by the billionaire investor David Tepper, has purchased a 7.35% stake in US dairy processor Dean Foods.
A filing with the New York Stock Exchange on Friday (7 January) showed Appaloosa Management held 13.4m shares in the company as of 28 December.
Go deeper with GlobalData
Dean Foods shares rose more than 11% on news of the purchase Friday to reach US$9.89.
The dairy giant has struggled in recent months amid rising commodity costs and fierce competition in the own-label milk category. The firm’s net income has declined year-on-year for the last four quarters.
Last week, meanwhile, it was announced that Dean Foods had sold its customer-brand yoghurt business to Schreiber Foods.
See Also:
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
