Pershing Square Capital Management, the activist hedge fund headed by Bill Ackman exercised its 12,500,001 warrants to acquire additional 4,166,665 shares of Platform Specialty Products Corp (NYSE:PAH) based on its latest regulatory filing with the Securities and Exchange Commission (SEC).
The filing indicates the activist hedge fund’s 12,500,001 warrants (each 3 warrants) entitle it to buy one share of common stock of Platform Specialty Products Corp (NYSE:PAH) (LON:PAH) for $11.50.
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Ackman now owns 33,333,330 million shares or a 30.9% stake in the company. He initiated his position in Platform Specialty Products Corp (NYSE:PAH) (LON:PAH) after it started trading at the New York Stock Exchange (NYSE).
Platform Specialty started trading at NYSE
Platform Specialty Products Corp (NYSE:PAH) (LON:PAH) is global producer of high technology specialty chemical products and provider of technical services. The company was previously known as Platform Acquisitions Ltd and it was listed on the London Stock Exchange (LSE), but cancelled its listing after acquiring MacDermid Incorporated, a specialty chemicals producer based in Miami.
Platform Acquisition Holdings changed its name to Platform Specialty Products and started started trading at the NYSE on January 23. Dan Leever, CEO of Platform Specialty Products Corp (NYSE:PAH) (LON:PAH) explained that trading its stock at the NYSE will enable the company to further its objective of building a portfolio of market leading specialty chemicals businesses. According to him, the company plans to elevate its profile on a global scale, enhance liquidity and visibility, and increase the accessibility of its shares.
Blue Ridge Capital, the hedge fund headed by John Griffin, holds 8 million shares or a 7.72% stake in Platform Specialty Products Corp (NYSE:PAH) (LON:PAH). Martin Franklin of Jarden (JAH) and Nicolas Berggruen of Berggruen Holdings also own substantial stakes in the company.
The shares of Platform Specialty Products Corp (NYSE:PAH) (LON:PAH) are trading at $20.87 per share, up by more than 1% at the time of this writing around 11:35 AM in New York. Since it started trading on the NYSE, the stock price of the company has increased from $13 to $22.35 per share. The company has a $2.16 billion market cap.