Deals
Ackman’s Pershing Gains $342 Million on Beam’s Stock Jump
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Pershing Square Capital Management LP, the activist hedge-fund firm run by Bill Ackman, made $342.5 million today on Beam Inc. if its stake is unchanged from Sept. 30, after Suntory Holdings Ltd. agreed to buy the company.
The $11.7 billion firm is Beam’s largest shareholder, with a 13 percent stake as of the end of the third quarter, according to data compiled by Bloomberg. Suntory, the closely held Japanese whiskey and beer maker, today agreed to acquire Beam for $16 billion including debt, sending the shares up 25 percent to $83.42 at the close of New York trading.