Ackman’s Pershing Square Nabs Stakes In Fannie, Freddie

Law360, Los Angeles (November 15, 2013, 8:57 PM EST) -- Billionaire investor Bill Ackman’s Pershing Square Capital Management LP has scooped up a nearly 10 percent stake in each of the two government-owned mortgage insurers, the firm told the U.S. Securities and Exchange Commission on Friday.

Pershing Square disclosed that it picked up a 9.98 percent stake in the common shares of Fannie Mae and a 9.77 percent stake in Freddie Mac, according to the filings. Fannie Mae's stock closed Friday at $3.30 a share, while Freddie Mac closed at $3.08.

The buy-in reveals a potential...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.