Reports Peltz Building Large Stake in Legg Mason (LM)
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Shares of Legg Mason Inc. (NYSE: LM) are working higher on reports from the Daily Telegraph that activist investor Nelson Peltz has secretly bought 12-13 million shares of the company and could take an activist stance, including changing up management or eventually pushing for a sale or break up of the asset manager.
The reports suggested that Peltz seeks to build a stake of up to 20% of Legg Mason.
As noted at StreetInsider.com, in its May 13F filing, Peltz Trian Partners hedge fund showed a new small 727,142 share stake in Legg Mason.
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