Morningstar Analyst On Rumor Of Ackman Push For McDonald's REIT: 'This Isn't The First Time Bill Has Tried This Move'

When asked about a rumor that Pershing Square Capital Management CEO Bill Ackman is seeking a REIT spinoff for McDonald’s Corporation MCD, Morningstar Analyst RJ Hottovy told Benzinga that this is not the first time Ackman has tried to do this.
He’s correct. Pershing Square urged McDonald’s to do this same thing almost a decade ago.

“I believe at the time, their defense was that it would cause a lot of disruption to unwind the business, especially when a lot of its franchisees are its tenants, effectively,” he said.

Ultimately, it did not get shareholder approval.