Team Health Holding Inc.'s stock surged 6.9% in premarket trade Thursday, after the healthcare staffing company disclosed that private-equity firm Jana Partners acquired an 8% stake in the company. That would make Jana the second-largest shareholder, according to FactSet. Regulatory filings showed that Jana bought 5.9 million shares of Team Health in a series of transactions from Jan. 6 through Feb. 24, at prices ranging from a low of $33.92 to a high $44.91. Jana said in the filing that it believes Team Health shares are "undervalued," after the company made "missteps in critical areas" including capital allocation, strategy and governance. Team Health's stock has tumbled 33% over the past three months through Wednesday, while the S&P 500 has lost 7.6%.
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below