Ackman's Pershing Square Reduces Beam Stake To 8.3%

(RTTNews) - Pershing Square, Friday reduced its stake in Beam, Inc. (BEAM) to about 8.3 percent, according to a regualtory filing. The announcement came after the acquisition deal between the latter and Japan based Suntory signed earlier this month.

The William Ackman owned company reduced its stake by selling 7.3 million shares, according to a filing made with the Securities and Exchange Commission late on Friday.

The company disposed 6 million shares of Common Stock in an open market transaction at an average price of $83.28 per share on January 30 and sold 1.3 million shares of common stock at $83.36 on Friday, January 31, 2014.

BEAM closed Friday's regular trading session at $83.30, down $0.10 on a volume of 4.26 million shares.