The owner of the ubiquitous Redbox DVD rental kiosks might soon be heading in a new strategic direction. Activist investment boutique JANA Partners revealed in a fresh SEC filing that it has amassed a nearly 3.8 million-share stake in Outerwall (NASDAQ: OUTR ) , formerly and better known as Coinstar. That amount gives JANA Partners roughly 13.5% of the company.
In the filing, JANA Partners said it intends to discuss "strategic alternatives "with the company's management. These include "selling or discontinuing certain businesses, or pursuing a sale of the Issuer; the Issuer's capital structure including providing for a significant return of capital to shareholders; improving the Issuer's capital allocation policy; and cost cutting opportunities."
In response, Outerwall issued a press release stating that it "welcomes the opinions of its shareholders and is always open to constructive input toward the goal of enhancing shareholder value."