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Pershing Target: Your Call

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Obligatory activism post of the day: Pershing Square Capital Management has raised $2 billion to launch an assault on one “iconic American company.” The target is not known (to us), but the Post reports that Pershing told investors Friday that the capital would go toward a controlling stock position in a $30-40 billion market capitalization company with three divisions, all of which have “separate burdens depressing their value.” One needs its value unlocked, one needs to be sold, and one is simply “misunderstood.” Possible targets are BUD, KFT, MAR or HOT, with BUD up 2.5% on the news. Any guesses? In the last year, Pershing, under the guidance of William Ackman, has taken on Wendy’s International, Ceridian and McDonald’s.
Pershing Heads To War With $2B Fund [NYP]


Pershing Square: Herbalife Silenced Us

Earlier today it was noted that, to the surprise of many, Bill Ackman and Carl Icahn had refrained from asking questions or dialing in and making sudden outbursts during this morning's conference call to discuss Herbalife's fourth quarter earnings.  Obviously this came as a shock on account of Ackman and Icahn taking many opportunities in the past to share their feelings re: the company and each other. And while it's true both men personally held their tongue's today, according to Pershing Square, one of its analysts had planned to ask questions on Bill's and the hedge fund's behalf but was shot down.