BOSTON (Reuters) – Activist investment firm Jana Partners has nominated directors to the board of life sciences company Laboratory Corp of America Holdings, including Edwin “Mac” Crawford, who has a reputation for turning around struggling companies, sources familiar with the matter said on Tuesday.
Jana Partners bought 811,661 shares in Labcorp late last year. News that it has engaged with the company and nominated directors sent the company’s share price higher on Tuesday.
The stock climbed as much as 3% but then lost some ground to trade at $246.63 in early afternoon.
Jana declined to comment.
Crawford, a former chairman of CVS Caremark, has teamed up with Jana Partners in the past and took a board seat at Team Health Holdings along with a partner from Jana in 2016.
Bloomberg first reported that Jana had nominated directors at Labcorp.
The company did not immediately respond to requests for comment.
(Reporting by Svea Herbst-Bayliss; Editing by Dan Grebler)
