Jana Partners Reveals Over 10% Activist Stake in Civeo Corp (CVEO)

In a new filing with the U.S. Securities and Exchange Commission, Jana Partners, managed by Barry Rosenstein, has disclosed an 11.5% stake in Civeo Corp (NYSE:CVEO). According to the filing, the fund has acquired around 12.24 million common stock shares of Civeo Corp (NYSE:CVEO), a spin-off from Oil States International Inc. (NYSE:OIS).

Barry Rosenstein JANA PARTNERS

Civeo Corp (NYSE:CVEO) is engaged in providing workforce accommodations with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Recently, Civeo Corp (NYSE:CVEO) was spun-off from Oil States International Inc. (NYSE:OIS). The spin-off became effective at the end of May. Oil States International Inc. (NYSE:OIS) shareholders received two shares of Civeo Corp (NYSE:CVEO) common stock for each share of Oil States International Inc. (NYSE:OIS) common stock held by such stockholder as of the close of business on May 21, 2014. The spin-off was structured to qualify as a tax-free distribution to Oil States International Inc. (NYSE:OIS) stockholders for U.S. federal tax purposes, according to a statement.

Jana Partners believes that shares are undervalued and represent an attractive investment opportunity. The fund intends to talk with the company’s management regarding a potential REIT conversion, the company’s capital structure and capital allocation policy, strategic acquisition strategy, corporate structure and assets, and board composition.

“Jana Partners may also seek to discuss other topics including management, strategy and future plans. The fund expects to continue to have such discussions with the company’s management as well as with its board of directors, shareholders and other parties relating to such matters, and may take other steps seeking to bring about changes to increase shareholder value,” according to the filing.

In an earlier filing, Jana Partners disclosed reducing its stake in Oil States International Inc. (NYSE:OIS) to 4.57 million shares from 6.12 million shares reported at the end of March 2014. The fund sold around 1.55 million shares of the company in a multiple transactions for an average price of $64.28 apiece. The new stake is equal to 8.6% of the outstanding common stock.

In April, Jana Partners reported reducing its exposure to Outerwall Inc (NASDAQ:OUTR) from 1.72 million to about 997,000 shares.

Disclosure: none

Recommended Reading:

Edward Lampert’s ESL Investments Sells Shares of AutoNation Inc. (AN)

Hedge Fund News: Seth Klarman, Andrew Hall & Bill Ackman

Barry Rosenstein’s Jana Partners Reduces Exposure To Oil States International Inc. (OIS)

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