Activist investor Bill Ackman's Pershing Square Capital Management L.P. announced Tuesday that it has taken an 8.5% stake in animal health company Zoetis Inc (ZTS) for about $1.54 billion.
Pershing Square Capital said it intends to file a beneficial ownership report on schedule 13D with the United States Securities and Exchange Commission on Wednesday, 12 November 2014 to disclose its beneficial ownership of 41.82 million shares of Zoetis and additional economic exposure through cash-settled total return swaps representing 995,602 notional shares, for an about 8.5% stake in Zoetis' 501.32 million shares.
For its investment, Pershing Square Capital will have paid aggregate consideration, including amounts to settle its derivatives, of $1.54 billion.
Pershing Square Capital also said intends to consult with Sachem Head Capital Management with respect to their investments in Zoetis.
Sachem Head beneficially owns 4.395 million shares of common stock of Zoetis. In addition, Sachem Head has additional economic exposure through cash-settled total return swaps representing 3.40 million notional shares, for an approximate 1.6% stake in Zoetis Inc.'s 501.32 million shares.
Zoetis closed Tuesday's regular trading at $43.72, up $3.56 or 8.86%.
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