Ackman Increases Stake in Tim Hortons ‘Undervalued’ Parent


Bill Ackman and his Pershing Square Capital Management have increased their ownership in the parent company of Tim Hortons.

In a file filed Monday afternoon, Ackman and Pershing Square revealed that they now hold a combined 9.6% stake in Restaurant Brands International Inc., and said they consider the company’s shares to be ” dumped “and” an attractive investment “.

“We bought a lot more stock in the business because we believe a lot in the business and its management,” Pershing Square spokesperson Francis McGill said in an email to BNN Bloomberg.

In the case, Pershing added that he plans to have discussions with the management of Restaurant Brands, the board of directors and other shareholders on a range of topics, including strategic plans and its governance.

At the close of trading Monday, shares of Restaurant Brands International have fallen 23% since the start of the year.

“Pershing Square has been a shareholder of the company since 2012 and we have always appreciated their confidence in the vision of the company,” said Duncan Fulton, managing director of Restaurant Brands International, in a telephone conversation with BNN Bloomberg.

Editor’s note: An earlier version of this story distorted Pershing Square’s relationship with Restaurant Brands International. BNN Bloomberg regrets the error.


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