Moments after news hit that Bill Ackman was taking an activist stake in JCPenney, CNBC is reporting that the hedge fund manager took an 11% activist stake in Fortune brands, making him the biggest shareholder.
In both cases, news about the activist stake appeared to hit markets before the filing was published by the SEC.
JCPenney’s stock soared yesterday, before Pershing Square’s filing with the SEC, notifying them of whi 16.5% stake, was published.
And today, CNBC cited a source who told them Ackman also took an 11% in Fortune, ahead of Pershing Sqaure’s filing with the SEC.
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