Wednesday, 1 October 2014
Last updated 4 hours ago
Dec 8 2010 | 3:22pm ET
Pershing Square Capital Management made more than $300 million today when Fortune Brands, in which the hedge fund owns an 11% stake, decided to split into three separate companies.
Fortune said it would spin off its golf—Titleist—and home goods—Moen faucets and Master Lock—businesses. The company will retain its spirits business, which owns Jim Beam bourbon and Sauza tequila, among others, at least until a hoped-for acquisition of the world's fourth-largest booze maker.
News of the breakup—and hopes for it in recent months, especially since Pershing Square bought its stake in October—have Fortune shares trading at about $62, well over the $45.88 that Pershing, on average, paid for its 16.7 million shares.
Unlike some of the activist's targets, Fortune said it had a good relationship with Ackman. The two sides "found much strategic common ground," the company said.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...