Since Lamb Weston's spin, Post has delivered a total return of over 120% and is widely considered to have one of the best management teams in consumer packaged goods. Extrapolating from the failed 2016 deal and adjusting for EBITDA growth, it would not be surprising to see a takeout offer north of $100 per share. If that were the case, the board would have to evaluate that value for shareholders versus the long-term prospects of an operational plan, and it would be very helpful having a partner from Jana on the board for that analysis. Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments. Lamb Weston is owned in the fund.