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Source: articles.moneycentral.msn.com --- 3 days ago
Unsold bookseller gives warrants to largest shareholder. ... Source: www.moreover.com --- 24 days ago
(Reuters)-Hedge fund manager William Ackman, who proposed an alternative to the U.S. government's rescue plan for mortgage companies Fannie Mae and Freddie Mac, said the companies should be merged and moved to New York from Washington. ... Source: www.marketwatch.com --- 1 day ago
SAN FRANCISCO (MarketWatch) -- Activist hedge fund investor Bill Ackman is preparing to make a presentation Monday about Wachovia Corp. amid debate in the market about which deal to acquire the banking giant is better for shareholders, according to a person familiar with the situation. Pershing Square Capital Management, the hedge fund firm run by Ackman, owns 7.8% of Wachovia shares. Wells Fargo unveiled a $15 billion bid for Wachovia on Friday. Citigroup agreed to buy Wachovia's banking business late last month for more than $2 billion in a deal backed by the government. That deal would have left Wachovia with a leading brokerage business and a large asset-management unit, among other assets. ... Source: www.prnewswire.com --- 2 days ago
... Source: cnbc.com --- 25 days ago
Ackman: Lehman in a 'Tough Spot' ...
Source: seekingalpha.com --- 29 days ago
Pershing Square Capital Management, L.P. sent the following letter Friday to the U.S. Treasury Department regarding Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE): • • • Complete Story » ...
Source: dealbreaker.com --- 2 days ago
Bloomberg reports that Pershing Square bought a nine percent stake in Wachovia. The firm did so after the Citi deal was announced on September 29, but prior to Wells Fargo's offer today. ... Source: www.mrswing.com --- 2 days ago
From BloombergWilliam Ackmans Pershing Square Capital Management LP bought a 9... ...
Source: www.hedgeworld.com --- 25 days ago
... Source: investerms.com --- 16 days ago
Longs Drug Stores Corp. (NYSE: LDG) recented and accepted a buyout offer from CVS Caremark (NYSE: CVS) for $71.50 per share ealier this month. Later, ... Source: www.mrswing.com --- 25 days ago
This is an interesting discussion as Ackman says the Treasury has not totally solved... ... Source: www.streetinsider.com --- 27 days ago
Visit StreetInsider.com at http://www.streetinsider.com/Insiders+Blog/Bill+Ackman+Cashes+In+On+Fannie%2C+Freddie+Short+%28FNM%2C+FRE%29/3971956.html for the full story. ... Source: www.mrswing.com --- 23 days ago
Bill Ackman, who has an economic interest in 26 of Longs Drugs LDG shares says... ... Source: www.mrswing.com --- 21 days ago
So, just a day after Bill Ackman claims CVS CVS offer for Longs Drugs LDG is... ...
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Todd Sullivan submits: So, just one day after Bill Ackman claims the CVS (CVS) offer for Longs Drugs (LDG) is too low and that he "has other interested parties", they begin to emerge. The WSJ Reports: Walgreens said it would pay $75 a share in cash to buy the California-based Longs, besting CVS's price of $71.50 per share, also in cash, which was equivalent to about $2.7 billion. Either deal would also include the assumption of about $200 million in debt. Complete Story » ...
Filed under: Deals Having tried unsuccessfully to find a buyer, struggling bookseller Borders Group (NYSE: BGP ) was contractually obligated to give Pershing Square Capital, a hedge fund controlled by William Ackman, warrants to acquire its stock. Stifel Nicolaus & Co. analyst David Schick wrote the move will likely dilute shareholder by as much as 9%. The stock is trading up about 3% today, and the Associated Press described the warrants as "potentially giving its largest shareholder even more reason to push the bookseller toward a sale." I'm not so sure. While it's true that Ackman now has more to gain from a sale with a significant premium, the cost to a potential acquirer also goes up because of the increase in the number of shares. And given that Ackman already controls 29% of the company's stock, it seems doubtful that he needs any additional incentive to push for increased shareholder value. More likely, Borders has been unable to sell itself because no one wants to buy it. Read | Permalink | Email this | Comments ...
Borders Group Inc. is telling activist investor Pershing Square Capital Management LP's William Ackman to sign on the dotted line. Borders is issuing warrants for Pershing Square, which owns 29% of Borders, to own up to an agreement signed in April, according to a Reuters report . The agreement was that if the bookstore did not find a buyer by a prearranged deadline, Pershing would buy an additional 5.15 million shares of common stock on Oct. 1. In April, while Borders' strategic review was under way and the second-largest shareholder Barnes & Noble Inc. weighing a bid for the company, Pershing Square made a $42.5 million senior secured loan to the company and acquired 9.55 million warrants to purchase common stock at $7 a share. The hedge fund, which had been pressing the company to sell some of its overseas businesses, also gave Borders a put option to sell those assets to Pershing for $135 million. Barnes & Noble decided not to acquire Borders and crossed it off of its reading list in August. - Maria Woehr Dealscape: As Borders shops itself around, a look at its foray into stationary Dealscape: Borders slashes work force ...