Wednesday, 1 April 2015
Last updated 31 min 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…