In what has seemingly become routine selling, Bill Ackman's hedge fund firm Pershing Square has filed another amended 13D with the SEC regarding their Beam Inc (BEAM) stake.
Per the filing, they've basically cut their stake in half since their last sales only a few weeks ago. As we've mentioned before, BEAM shares are effectively a risk arbitrage play since Suntory made an $83.50 per share offer for the company. With the spread so thin, it looks as though Ackman has been cashing in his chips to deploy the capital to other potential ideas.
The latest 13D shows that Pershing Square now owns only 5.6 million shares, or 3.4% of the company. The hedge fund was out selling on April 16th and 17th at a price of $83.27.
Monday, April 21, 2014
Ackman Cuts Beam Stake Yet Again
blog comments powered by Disqus
