Bill Ackman's Pershing Square Trims Beam Position ~ market folly

Tuesday, February 4, 2014

Bill Ackman's Pershing Square Trims Beam Position

Bill Ackman's hedge fund firm Pershing Square Capital Management has filed an amended 13D and a Form 4 with the SEC regarding their stake in Beam Inc (BEAM).

Per the 13D, Pershing Square has trimmed its position in BEAM by 7.3 million shares.  After the sale, they're still left with a stake of over 13.5 million shares, or 8.3% of the company.

The Form 4 indicates they sold 6 million shares on January 30th at a price of $83.28 and then they sold 1.3 million more shares on January 31st at a price of $83.36.

Beam Inc has received a $16 billion takeover offer from Suntory, or $83.50 in cash.  Perhaps Ackman is raising some cash to potentially deploy elsewhere since BEAM shares are now effectively a merger-arb play trading with a thin spread.

You can view more recent portfolio activity from Bill Ackman here.

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