Pershing Square Says It Is 'Pleased' With Zoetis' Progress, Discloses Unchanged 8.4% Stake

Activist investor Pershing Square

on Friday afternoon that its ownership stake in

remains unchanged at 8.4 percent. In the regulatory filing, Bill Ackman's fund said that it is "pleased" with Zoetis' progress in implementing previously announced initiatives to improve its operations, cost structures and better allocate its resources. Pershing Square added that it will no longer request Zoetis to re-appoint William Doyle, a member of Pershing Square's investment team, to its Board of Directors. Accordingly, the board member's term will expire during the company's 2016 annual shareholders meeting. Shares of Zoetis were trading lower by nearly 2 percent Monday morning.