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Ackman's Pershing Square swaps Starbucks for a slice of Domino's

05/12/2021 | 02:19pm EDT
FILE PHOTO: Ackman, CEO of Pershing Square Capital, speaks at the WSJ Digital Conference in Laguna Beach

(Reuters) -Billionaire investor Bill Ackman's Pershing Square Capital Management has taken a stake in Domino's Pizza Inc, the pizza chain said on Wednesday.

Ackman, whose bets on companies are closely watched, told the Wall Street Journal in an interview https://www.wsj.com/articles/bill-ackman-ceos-and-artists-headline-wsjs-future-of-everything-festival-11620811806?mod=breakingnews earlier that he had swapped his shares in Starbucks Corp for a little under 6% stake in Domino's.

"It's (Domino's) a very compelling story and big international growth opportunity ... and there's plenty of room to run both here and abroad," Ackman said during the Journal's Future of Everything Festival event.

Domino's, whose shares rose 5.9% to a record high of $447.1, said in an emailed statement that it welcomed Ackman's investment in the company.

Starbucks said it would not comment on shareholder decisions. Its shares were down 2.4%.

Pershing Square declined to comment.

(Reporting by Praveen Paramasivam in Bengaluru and Uday Sampath; Editing by Maju Samuel and Aditya Soni)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
PERSHING SQUARE HOLDINGS, LTD. 1.26% 36.1 Real-time Quote.1.86%
STARBUCKS CORPORATION 0.31% 112.56 Delayed Quote.5.22%
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