Pershing Square Drops Stakes in Beam, Apartment Investment, Home Properties

By Polya Lesova

William Ackman's Pershing Square Capital Management LP dropped its equity stakes in Beam Inc., Apartment Investment and Management Co. and Home Properties Inc., according to a regulatory filing Thursday showing the firm's holdings as of June 30.

Pershing Square sold 11.67 million shares in spirits maker Beam, sold 3.75 million shares of Apartment Investment and Management, and sold 473,778 shares in Home Properties, the filing showed.

Mr. Ackman's firm also reduced its stake in Canadian Pacific Railway by 3.2 million shares.

Thursday's filing showed that Pershing Square increased its position in Allergan Inc. In April, Mr. Ackman and Valeant Pharmaceuticals Inc. unveiled their bid to acquire Allergan, the maker of Botox, after Pershing Square built a 9.7% stake in Allergan.

For its part, Allergan has rebuffed the takeover efforts, saying that the Valeant and Pershing deal undervalues the company. Allergan has also filed a lawsuit challenging the legality of Valeant's joint takeover bid with Mr. Ackman, claiming their pursuit of the company violated securities laws meant to prevent investors from profiting from inside information.

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