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).
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.
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.
