Pershing Square To Sell Partial Stake In Canadian Pacific

Law360, Los Angeles (October 24, 2013, 8:24 PM ET) -- Activist investor William A. Ackman's hedge fund Pershing Square Capital Management on Thursday announced it would sell part of its stake in Canadian Pacific Railway Ltd. — nearly 6 million shares — in a public offering. 

The announced sale, when completed, will reduce Pershing Square's stake in Canadian Pacific by a third, to about 10 percent. The 5.95 million shares that will be offered by certain funds managed by Pershing Square closed at CA$147.95 ($141.92) Thursday, giving them a market value of about $845 million....
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