Entries tagged "Longs"
A smattering of deal news across pharmaceutical-related stocks, whether it be pharmacy retailers or drug companies, did little to boost their shares as the broader market ended a volatile week on a not-so-volatile note. The Dow Jones Industrial Average inched down 11.72 points to close at 11,421.99. ...
William Ackman of Pershing Square Capital Management LP stands to make a very pretty penny if the CVS Caremark Corp. offer to buy Longs Drug Stores Corp. for $71.50 per share closes. The activist investor acquired most of his 25.8% stake in Longs in July and early August, when the shares traded in the low $40s to the mid $50s range through a mix of common stock purchases and the acquisition of notional shares via total return swap arrangements. But, according to Friday's Financial Times, a return in excess of 30% for a very short-term holding may not be enough...
Pershing 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. ...
