Peltz Builds Up 10% Stake in Cheesecake Factory (CAKE)
According to reports from Bloomberg, Nelson Peltz' Trian fund has built up a 10% stake in Cheesecake Factory (Nasdaq: CAKE), citing a source. The source also indicated Peltz may increase his position.
Earlier today, Nelson Peltz' Trian Star Trust was granted early termination notice from the FTC, required under the Hart-Scott-Rodino antitrust law, on Cheesecake Factory.
The FTC did not disclose the nature of the transaction, but approvals are given on acquisition of stocks or assets greater than $50 million.
Peltz did not show a stake in Cheesecake Factory at the quarter ended Sept 30, 2007.
Shares of Cheesecake Factory are up 8% today.