Bill Ackman Announces 30.9% Stake in Platform Specialty Products
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).
Ackman owned a stake in the company of similar size before it shifted stock exchanges.
The acquired company produced $742 million in sales and $180 million in adjusted EBITDA for the year ended Sept. 30, 2013, with a gross margin of 51.0% and $148 million in free cash flow. The newly formed company has a market cap of $1.08 billion.
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