By Polya Lesova
William Ackman's Pershing Square Capital Management LP dropped
its equity stakes in Beam Inc., Apartment Investment and Management
Co. and Home Properties Inc., according to a regulatory filing
Thursday showing the firm's holdings as of June 30.
Pershing Square sold 11.67 million shares in spirits maker Beam,
sold 3.75 million shares of Apartment Investment and Management,
and sold 473,778 shares in Home Properties, the filing showed.
Mr. Ackman's firm also reduced its stake in Canadian Pacific
Railway by 3.2 million shares.
Thursday's filing showed that Pershing Square increased its
position in Allergan Inc. In April, Mr. Ackman and Valeant
Pharmaceuticals Inc. unveiled their bid to acquire Allergan, the
maker of Botox, after Pershing Square built a 9.7% stake in
Allergan.
For its part, Allergan has rebuffed the takeover efforts, saying
that the Valeant and Pershing deal undervalues the company.
Allergan has also filed a lawsuit challenging the legality of
Valeant's joint takeover bid with Mr. Ackman, claiming their
pursuit of the company violated securities laws meant to prevent
investors from profiting from inside information.
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