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Alternative Market Briefing

Bill Ackman takes 22% stake in Nomad Foods

Wednesday, June 03, 2015

Komfie Manalo, Opalesque Asia:

Activist hedge fund manager Bill Ackman on Tuesday disclosed a 21.7% stake (about 33.3 million shares) in Nomad Foods Limited, a special purpose acquisition company created to acquire companies in the food industry, to according to filings on the London Stock Exchange.

Nomad was founded in 2014 by Martin Franklin and Noam Gottesman, and acquired Europe’s largest frozen food business, Igloo Foods Holdings, in April for €2.6bn. According to Reuters, Ackman said Nomad's shares had climbed by about 80% in a year, boosted by the Igloo acquisition, which the company plans to use as a base for more takeovers.

In May, Ackman told investors during a conference call that he had two new investments that it had yet to disclose, one of which "approaching 15% of capital."

Brian Welch, a partner at Pershing Square will join Nomad’s board of directors, reports Forbes.

Pershing Square gained 6.8% in the first five months of this year......................

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