On Jan. 23, Pershing Square founder Bill Ackman
) disclosed ownership of 33,333,332 shares, or 30.9% ownership, of Platform Specialty Products (PAH
). The 13G filing came on the same day the company began trading on the New York Stock Exchange and requested to cancel its former listing on the London Stock Exchange. His holding consists of 29,166,665 common shares and 12,500,001 warrants to purchase an additional 4,166,667 common shares, and makes him the company’s largest institutional shareholder.
Platform Specialty Products was formerly a shell company based in the Virgin Islands that held its IPO on the London Stock Exchange in May 2013 and was seeking to acquire a target company. Its board decided to switch exchanges when the company acquired MacDermid Inc., a Miami high-tech chemicals maker whose products are used in the electronics, metal and plastic plating, graphic arts and offshore oil production and drilling industries. The company made the transaction in October for $1.8 billion and changed its name from Platform Acquisition Holdings PLC (LSE:PAH
). Continue Reading »