Hain Celestial announced Wednesday it is exploring a sale of its protein business, which sources say could pave the path for an acquisition of the company.
The owner of Alba Botanica skin and hair care products and Terra Chips has long been an acquisition target, and a willing seller at the right price, sources have told CNBC. Many of the country's largest food companies looked and passed, though, because there is no one clear buyer for all of its brands. Getting rid of the protein business could help solve that issue, sources tell CNBC.
Hain is also under pressure from activist investor Engaged Capital, which disclosed a 9.9 percent stake in the company over the summer. A settlement with the firm recently put Engaged's founder, Glenn Welling, on the Hain board.
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