BREAKING NEWS FROM CNBC INSTITUTIONAL INVESTOR DELIVERING ALPHA CONFERENCE: PERSHING SQUARE’S ACKMAN DISCLOSES $1.8 BILLION P&G STAKE ON CNBC
When: Today, Wednesday, July 18th
Where: CNBC’s “Fast Money”
Following is the unofficial transcript of breaking news from William Ackman, Founder and CEO of Pershing Square Capital Management, L.P., today, Wednesday, July 18th, live from the CNBC Institutional Investor Delivering Alpha conference in New York City.
Following is the link to video on CNBC.com: http://video.cnbc.com/gallery/?video=3000103820&play=1.
DAVID FABER: SO YOU BELIEVE YOU CAN INFLUENCE A COMPANY AS LARGE AS PROCTOR & GAMBLE WITH A LESS THAN 1% STAKE?
WILLIAM ACKMAN: YES
FABER: HOW LARGE IS YOUR STAKE, BY THE WAY?
ACKMAN: WE HAVEN’T PUBLICLY DISCLOSED IT BUT LET’S GIVE YOU A LITTLE NEWS FOR CNBC, WE OWN ABOUT A BILLION 800 MILLION DOLLARS WORTH OF STOCK.
FABER: BILLION 800 MILLION?
ACKMAN: AND WE HAVE A FEW OPTIONS IN ADDITION TO THAT.
FABER: SO $1.8 BILLION IN STRAIGHT EQUITY AND THEN SOME OPTIONS AS WELL.
ACKMAN: STRAIGHT EQUITY, THAT’S CORRECT.
FABER: THAT’S A VERY LARGE STAKE FOR A FIRM, WHAT DO YOU MANAGE RIGHT NOW?
ACKMAN: TEN AND A HALF
FABER: YOU ARE WILLING TO TAKE AN 18% STAKE IN ONE COMPANY?
ACKMAN: SURE. A COMPANY OF THIS QUALITY, THIS PRICE. I MEAN IF WE THINK THIS IS—IT IS VERY HARD TO LOSE MONEY, IN OUR OPINION, IN P&G AT THE CURRENT SHARE PRICE OR EVEN THE PRICE WE PAID WHICH WAS LOWER THAN THE CURRENT SHARE PRICE.
FABER: DO YOU SUPPORT THE CEO?
ACKMAN: I LOOK FORWARD TO MEETING HIM.
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