Activist investors run in packs, right? Corporate lackeys accuse us investors of teaming up unfairly to take down noble, hard-working, and unsuspecting CEOs and their companies.
Well, we investors do collaborate on activist situations. We find strength in numbers. Together have more impact on a company than we would individually.
A recent situation gives us a glimpse into how, exactly, this collaboration works. Pershing Square (PS) and Sachem Head (SH), two hedge funds, teamed to seek improvements at Zoetis (ZTS), the animal pharma company that recently spun-off from Pfizer. It looks like SH needed capital, and PS provided it.
We explore the agreement between the investors in a current blog post.
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