Pershing Square Capital Management LP said Monday it has planned to sell up to seven million shares of Canadian Pacific Railway Ltd (CP,CP.TO).
Pershing Square plans to limit the sales to unsolicited brokers' transactions on the NYSE and the TSX in amounts that will not exceed 10% of the combined NYSE and TSX volume for the CP common shares on any day of trading. The sales will begin on or after June 10, 2013 and will likely be completed over the next six to twelve months.
"Our stake in CP has grown to approximately 26% of the combined assets of our funds [and] given that increased concentration, portfolio management considerations have driven our decision to trim our holdings," Pershing Square CEO Bill Ackman stated.
The company said that it's representatives, Bill Ackman and Paul Hilal, will continue to serve on the company's board of directors.
CP shares closed Monday at $131.87, down 12 cents, in regular trading. In after-hours trading, the stock fell 2.97% to $128.90, following Pershing's announcement.
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