Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Bill Ackman Exercises Warrants and Buys 4 Mln Platform Specialty Products Corporation (PAH) Shares

Bill Ackman‘s Pershing Square increased holding of Platform Specialty Products Corporation (NYSE:PAH). A Form 4 filing with the SEC shows that the fund bought 4.2 million shares by exercising 12.5 million warrants with a conversion ratio of 1 share for 3 warrants and a conversion price of $11.50, significantly lower than the company’s current market price. As a result, Pershing Square upped its stake in Platform to 33.33 million shares from the 29.17 million shares acquired earlier this year, now owning 32.2% of the common stock.

PERSHING SQUARE

Platform Specialty Products Corporation (NYSE:PAH) is a global producer of high-technology specialty chemical products and provider of technical services. Since the company began trading on NYSE, its stock price grew steadily ranging from $11.75 to $22.35. Platform is expected to generate revenues of $750 million in 2014 and trades at a  Forward P/E of around 37. The mean analyst recommendation for the stock is “Buy”.

John Griffin‘s Blue Ridge Capital last month also revealed a new stake in Platform Specialty Products Corporation (NYSE:PAH), owning 8.0 million shares, which amount to 7.72% of the common stock of the company. Another significant shareholder of Platform is Stanhope Investments, holding 18.3 million shares that represent a share of 17.65% of the common stock.

Ackman’s Pershing Square has a very concentrated equity portfolio, with almost half of its value invested in Services and the rest in Consumer Goods, Financial, and Basic Materials. The highest holding in the portfolio (31.54%) amounts to 17.2 million shares worth $2.6 billion in Canadian Pacific Railway Limited (USA) (NYSE:CP), followed by 20.55 million shares worth $2.3 billion in Air Products & Chemicals, Inc. (NYSE:APD), with a share of 27.90% in the portfolio. Recently, the fund has significantly reduced its holding of 20.82 million shares worth $1.4 billion in BEAM Inc (NYSE:BEAM) to 11.67 million shares worth almost $1.0 billion .

Disclosure: none

Recommended Reading:

Sac Capital Advisors Reports New Stake in Momenta Pharmaceuticals, Inc. (MNTA)

3 Oil & Gas Stocks That Insiders Love

Clinton Group Cuts Stake in The Wet Seal, Inc. (WTSL)

Biotech Insider Alert - $5 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...
X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!