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Sunday, November 8, 
7:41 am

Pershing boosts Longs stake

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activist investor William Ackman of hedge fund Pershing Square CapitalPershing Square Capital Management LP, the hedge fund run by vocal activist investor Bill Ackman, has taken an 8.8% stake in Longs Drug Stores Corp. The move makes Pershing the retailer's second-largest shareholder behind Advisory Research Inc.'s 10.14% stake.

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Pershing also bought about 2.37 million return swaps, which enable it to benefit from upward stock movement, but do not have voting rights. The swaps bring Pershing's total stake to about 15.8% in Longs, which has a $1.9 billion market cap.

According to a Tuesday 13D filing, Pershing may seek to hold talks with Longs' management and other shareholders about strategic plans, operations, capital structure and governance. - Michael Rudnick





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