Tuesday, August 05, 2008

Ackman's Pershing Square Builds 8.8% Stake in Longs Drug Stores (LDG)

In a 13D filing on Longs Drug Stores (NYSE: LDG), Bill Ackman's Pershing Square Capital hedge fund disclosed an 8.8% stake (3,137,659 shares) in the company and noted they have hired advisors and may meet with management or others regarding the business.

From the Filing:

"Representatives of the Reporting Persons may in the future meet with management of the Issuer, other stockholders of the Issuer or other relevant parties to engage in discussions that may include matters relating to the strategy, business, assets, operations, capital structure and/or financial condition, governance, management, strategic plans of the Issuer, and future plans of the Issuer... The Reporting Persons have engaged advisors and may engage additional advisors."

Bill Ackman's Pershing Square hedge fund is a long/short equity fund with an activist bent. Ackman holds large positions in Target (NYSE: TGT) and Borders (NYSE: BGP), among others. Ackman proved his acumen as a short seller in 2007/2008 as short positions he held in MBIA (NYSE: MBI) and Ambac (NYSE: ABK) proved to be big winners due to the credit crunch.

Labels: , , , ,


Blogger rajasekar said...

Any ideas on what the down-side risk is in a recession that spreads across the globe? Right now, all analysts say oil may go down to the 40's in that scenario, which may not be so bad. But, what is the chance for it to go down to the 20's or below. We have large energy exposure with CanRoys and PetroChina.

For:Outsource Bookkeeping

7:28 AM  
Anonymous Anonymous said...







1:29 AM  

Post a Comment

<< Home