Activist investor Bill Ackman, who runs Pershing Square Capital, has taken a huge stake in animal health company Zoetis, the Wall Street Journal reports citing unnamed sources familiar with the investment.
Shares of Zoetis (ZTS) were last trading up about 7% following the news.
Ackman’s position is worth about $US2 billion. It’s about a 10% stake, the Wall Street Journal report said.
According to the Journal, Ackman might push for Zoetis to be acquired by pharmaceutical company Valeant.
Ackman is known for being a mostly long-only investor. He takes large positions in a handful of companies he thinks are undervalued and advocates for changes from management to unlock shareholder value.
We’ll have more in a moment.
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