Zoetis Soars On News Of Ackman Stake
The stock spiked on the news, soaring nearly 10 percent.
According to the report, Ackman “could push the animal-health company to sell itself to a large drug maker like Valeant Pharmaceuticals International Inc.”
“Mr. Ackman's Pershing Square Capital Management LP has built the stake, which amounts to roughly 10 percent of Zoetis, with fellow hedge fund Sachem Head Capital Management LP,” according to sources familiar with the developments.
A Dow Jones report noted that a “spokesman for Florham Park, N.J.-based Zoetis, which has a market value of about $20 billion, said the company got a call from Mr. Ackman regarding the investment, but declined to comment on it.”
Zoetis closed at $43.72, up 8.8 percent.
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