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Actionable news in HAIN: The Hain Celestial Group, Inc.,

Tea Maker Hain Climbs After Activist Engaged Discloses Stake

  • Activist investor proposes seven nominees for Hain board
  • Engaged says may suggest company pursue whole, partial sale

Activist investor Engaged Capital disclosed a 9.9 percent stake in Hain Celestial Inc. and is pushing for sweeping board changes and a potential sale of the natural and organic food company.

Shares in the maker of Celestial Seasonings teas and Terra chips rose 12 percent to $40.17 in early trading in New York Friday.

The fund has proposed seven nominees for Hain’s eight-person board, according to a regulatory filing Thursday. It is also pushing Hain to explore ways to unlock shareholder value, including a potential sale of all or part of the company.

Engaged believes Hain could fetch $46 to $73 a share in a sale based on recent acquistions in the food industry, including General Mills Inc.’s takeover of Annie’s Inc. in 2014, Danone’s purchase of WhiteWave Foods Co., announced last year, and Pinnacle Foods Inc.’s agreement to buy Boulder Brands Inc. in 2015, according to a person familiar with the...