Pershing Square Buys Into Platform Specialty Products Corporation (PAH)

Bill Ackmans Pershing Square has disclosed a position in Platform Specialty Products Corporation (NYSE:PAH), a company that recently started trading on the New York Stock Exchange. Pershing Square owns 29.1 million shares of Platform Specialty Products Corporation, which represent 22% of all outstanding stock, as well as 4.1 million warrants with a conversion price of $11.5.

Platform Specialty Products Corporation (NYSE:PAH)

Platform Specialty Products Corporation (NYSE:PAH), which began trading on the NYSE on January 23, after a tenure on the London Stock Exchange,  produces high-tech specialty chemical products. PAH produces a range of chemicals from raw materials. The Miami, Florida-based company sells chemicals to customers in industries as diverse as electronics, graphic arts, and offshore oil and drilling.  As the company states regarding its work, “We refer to our products as ‘dynamic chemistries’ due to their delicate chemical compositions, which are frequently altered during customer use.”

A partner at Mr. Ackman’s fund, Ryan Israel, has been a director of Platform since late October. The Wharton School at the University of Pennsylvania-educated Israel has been with Pershing Square since 2008 and “is responsible for identifying, analyzing and monitoring current and prospective investment opportunities across a variety of industries.”

Pershing Square is a research intensive, fundamental value based investment firm that primarily invests in the consumer goods and services sectors. Ackman’s largest holding at the $10 billion fund is Canadian Pacific Railway Limited (USA) (NYSE:CP), which comprises more than 25% of his portfolio. Pershing Square owns 23.1 million shares of the railway stock. Pershing Square’s second-largest equity position is in Air Products & Chemicals, Inc. (NYSE:APD). Ackman is long 20.5 million shares of that stock.

Disclosure: none

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