Zoetis (ZTS) Confirms Bill Ackman Call; No Comment on Details of Conversation

Zoetis (NYSE: ZTS) acknowledged that the company received a call from Bill Ackman of Pershing Square indicating that the firm has made an investment in Zoetis. Zoetis declined to comment on details of that conversation.

"We are preparing for our upcoming Investor Day on Tuesday, Nov. 18, and we look forward to sharing more details about the company’s business model and growth strategies with the investment community at that time," company spokesperson Bill Price said in an e-mail to StreetInsider.com.

Shares of Zoetis shot up nearly 9% Tuesday afternoon following a Wall Street Journal story highlighting the Ackman stake. The Journal suggested Ackman took a roughly $2 billion stake in the company. Ackman may push it to sell itself to a large drug maker like Valeant Pharma (NYSE: VRX), which he has unsuccessfully tried to merge with Allergan (NYSE: AGN).

You May Also Be Interested In

• EU Antitrust Regulators Concerned About Impact of KKR, Telecom Italia Deal on Viability of Wholesale Market - Reuters
• Blackstone (BX) Nears Deal to Sell Control of S.Korean Pharma Wholesaler Geo-young to MBK Parnters for Over $1B - Reuters
• Capri Holdings Limited (CPRI) Statement on FTC Action Seeking over Tapestry Deal