Wednesday, November 22, 2006

Bill Ackman's Pershing Square Liquidates Wendy's (WEN) Stake

In an amended 13G filing after the close yesterday on Wendy's International Inc. (NYSE: WEN), activist investor Bill Ackman's, though his Pershing Square Capital hedge fund, disclosed a 5K stake in the company. This is down from the 6.42 million share stake disclosed in a 13F filing for the quarter ended September 30, 2006.

Ackman was instrumental in pushing Wendy's to spin-off its Canadian Tim Horton unit, which occurred in March.

Recently, Ackman has built large stakes in book retailers Borders Group Inc. (NYSE: BGP) and Barnes & Noble (NYSE: BKS) - calling both companies undervalued.

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