A compelling case can be made that dividend policy is irrelevant. Since investors don't need dividends to convert stock to cash; they will not pay higher prices for firms with higher dividends. Hence dividend policy will have no impact on the value of the firm. Hedge fund Jana partners has taken a large stake in Juniper Networks. In the attached article Jana has asserted that the share price is undervalued. Share your thoughts on why Jana would recommend the actions in the article: Juniper and Jana.