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Billionaire investor Ronald Burkle yesterday bought 7 percent of Whole Foods Market's shares over the past two months through his Yucaipa Cos. investment firm, according to a filing with the Securities and Exchange Commission.
According to the Los Angeles Times, Burkle said in the filing that he believed shares of the natural and organic grocery chain are undervalued and that there are opportunities for the company to improve operations and its pricing image.
Shares of Whole Foods -- the value of which dropped 77 percent last year -- jumped almost 11 percent to $11.09 on news of the investment.
While Burkle plans to hold on to the shares for the long term, the report said he would closely monitor the company's performance.