JANA Offshore

Partners, Ltd.

Fund Investment Objectives

JANA Partners LLC follows a value-oriented, event driven investment strategy focusing on companies considering or implementing strategic change. Every investment must be fundamentally undervalued on the long side or overvalued on the short side and be involved in an extraordinary corporate transaction which acts as a catalyst to drive the price toward a valuation target. In select circumstances, where the team perceives significant underlying value and where management is unwilling to act to realize that value for shareholders, it may pursue a corporate activist strategy to bring about such action.