Blue Ridge Buys Shares Of Platform Specialty Products

Blue Ridge Buys Shares Of Platform Specialty Products
By General Electric Company (w:File:General_Electric_logo.svg) [Public domain], via Wikimedia Commons

Blue Ridge Capital and its affiliates purchase 8 million shares (a 7.72% stake) in Platform Specialty Products Corporation (NYSE:PAH) based on its latest 13G filing with the Securities and Exchange Commission (SEC).

Play Quizzes 4

John Griffin is the founder and manager of Blue Ridge Capital. He is one of the “Tiger Cubs” or protégées of legendary hedge fund manager, Julian Robertson.

This Long/ Short Equity Firm Sees A Time-Arbitrage Opportunity In This Pest Control Merger

PestYost Partners was up 0.8% for the first quarter, while the Yost Focused Long Funds lost 5% net. The firm's benchmark, the MSCI World Index, declined by 5.2%. The funds' returns outperformed their benchmark due to their tilt toward value, high exposures to energy and financials and a bias toward quality. In his first-quarter letter Read More

PAH cancels listing in LSE

Platform Specialty Products Corporation (NYSE:PAH) is a global producer of high technology specialty chemical products and provider of technical services. The company was previously trading at the London Stock Exchange (LSE), but decided to suspend trading its stock after entering an agreement to acquire MacDermid Incorporated for approximately $1.8 billion and up to $100 million of contingent consideration in October last year.

Last December 31, Platform Specialty Products Corporation (NYSE:PAH)  issued 103,576,300 ordinary shares, each with voting rights. Shareholders use the number as denominator in calculating their interest or change in interest in the company to determine if they are required to report their stock holdings under the Financial Conduct Authority’s Disclosure and Transparency Rules.

PAH started trading on NYSE

On January 23, the company started trading on the New York Stock Exchange. Dan Leever, CEO of Platform Specialty Products Corporation (NYSE:PAH), explained that the primary objective of the company is to create value for its shareholders by building a portfolio of market-leading specialty chemicals businesses. “We believe that our listing on the New York Stock Exchange (NYSE) furthers this objective by elevating our profile on a global scale, enhancing liquidity and visibility, and increasing the accessibility of our shares,” said Leever.

Bill Ackman owns 30.9% stake in PAH

Last month, Bill Ackman, hedge fund manager of Pershing Square Capital Management, disclosed ownership of 33,333,332 shares or a 30.9% stake in Platform Specialty Products Corporation (NYSE:PAH). It had been reported that the company offered a board seat to Ackman. Instead of accepting the position, Ackman recommended Ryan Israel, a former analyst at Goldman Sachs.

The shares of Platform Specialty Products Corporation (NYSE:PAH) closed at $14 per share on Tuesday.

Updated on

Marie received her Bachelors Degree in Mass Communication from New Era University. She is a former news writer and program producer for Nation Broadcasting Corporation (NBC-DZAR 1026), a nationwide AM radio station. She was also involved in events management. Marie was also a former Young Ambassador of Goodwill during the 26th Ship for Southeast Asian Youth Program (SSEAYP). She loves to read, travel and take photographs. She considers gardening a therapy.
Previous article Apple Inc. (AAPL) Asked To Invest In Turkish R&D Sector
Next article Puerto Rico Downgrade Was Expected And Priced In

No posts to display