Photographer: Daniel Acker/Bloomberg

Pershing Square Sells Down Stake in Burger King's Parent Company

  • Hedge fund sold 10 million shares in portfolio rebalancing
  • Pershing will hold about 29.2 million shares after sale

Pershing Square Capital Management, the activist fund run by billionaire Bill Ackman, sold about a quarter of its stake in Restaurant Brands International Inc. as part of a portfolio rebalancing, according to a person familiar with the matter.

Pershing Square sold 10 million shares for $61 apiece, people with knowledge of the details said, asking not to be identified as the details aren’t public. Restaurant Brands shares fell 2.4 percent to $60.65 at 9:49 a.m.

The New York-based hedge fund is the largest holder in Oakville, Ontario-based Restaurant Brands, the parent company of Burger King and Tim Hortons, according to data compiled by Bloomberg. It owned about 39.2 million shares in the company before the sale. After the offer, Pershing will hold about 14 percent of the company’s outstanding common shares.

Restaurant Brand shares are up about 50 percent in the 12 months through Tuesday, valuing the company at about $28.3 billion.

— With assistance by Drew Singer

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