Jana, run by fund manager Barry Rosenstein, owns 3.78M Outerwall (OUTR) shares, good for a 13.5% stake.
The firm states in a 13D it " intends to have discussions" with Outerwall's board and management about "strategic alternatives" that include selling part or all of the company, altering its capital structure, changing its capital allocation policy, and cutting costs.
Outerwall plunged last month in response to a Q3/2013 warning blamed on weaker-than-expected Redbox performance. The company simultaneously added $100M to its buyback plan, stated it would "align its cost structure," and promised to speed up a review of its New Ventures initiatives (inc. the ecoATM electronics recycling kiosk business).
Outerwall doesn't yet pay a dividend.
Shares +6% AH after finishing regular trading up 9.4%.
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