Jana Partners may be paving a new path for hedge funds wanting to influence companies in which they invest. After one of its portfolio companies, Houston Exploration, resisted the activist New York hedge fund’s efforts to bring about a change in management, Jana instead decided to try and buy the entire company for $62 a share. Some suggest that Jana, which currently holds a 12.3% stake in the oil and natural gas producer, isn’t really interested in buying the company per se, but wants to stir up interest in a real buyer who would install management that Jana would appreciate. If it does come to pass, however, Jacob Schmidt of Schmidt Research Partners told Financial News, “it might be the first time a hedge fund has directly bought a company, certainly it would one of the first.” But Houston Exploration’s directors have advised stockholders to take no action, as the directors plan to review the proposal and then advise on a position. While the move may be unusual, it may not be surprising, especially coming from Jana. The fund is run by managing partner Barry Rosenstein, who was in the news recently for hooking up with corporate raider and fellow activist Carl Icahn to battle Time Warner honchos.