Ackman Takes 9.8% Air Products Stake In Biggest Bet To Date

Law360, New York (July 31, 2013, 4:07 PM EDT) -- The hedge fund run by billionaire activist investor Bill Ackman has made its biggest investment yet to take a 9.8 percent stake in Air Products & Chemicals Inc., according to a Wednesday filing that came the week after the company adopted a poison pill takeover defense.

Based on Air Products' $22 billion market capitalization, the ownership interest in the industrial gas provider now held by New York-based Pershing Capital Management LP is worth roughly $2.2 billion. Ackman had been scooping up shares in the company since...
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