{"id":3899,"date":"2006-01-26T00:00:00","date_gmt":"2006-01-26T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-fund-drops-campaign-against-mcdonald","status":"publish","type":"post","link":"https:\/\/www.hedgeco.net\/news\/01\/2006\/hedge-fund-drops-campaign-against-mcdonald.html","title":{"rendered":"Hedge fund drops campaign against McDonald’s"},"content":{"rendered":"

Reuters<\/strong> – Pershing Square Capital Management on Wednesday said it dropped its activist campaign against McDonald’s Corp. (MCD.N: Quote<\/a>, Profile<\/a>, Research<\/a>) and threw its support behind the growth plan the fast-food chain outlined on Tuesday.<\/p>\n

McDonald’s stock fell after Pershing’s disclosure. The stock slid 71 cents, or 1.9 percent, to $35.14 on the New York Stock Exchange in late-afternoon trading.<\/p>\n

The hedge fund, which holds shares and options worth 4.9 percent of McDonald’s, has in recent months pressed the world’s largest restaurant chain to spin off a portion of its company-owned restaurant unit and invest more in developing markets.<\/p>\n

Pershing founder Bill Ackman, in a high-profile campaign, had also urged the company to sell a portion of its 8,000 or so company-owned restaurants to franchisees and increase financial reporting transparency.<\/p>\n

McDonald’s initially rejected Pershing’s proposals, which came amid a spate of “activist” shareholder campaigns directed at other companies, including fast-food competitor Wendy’s International Inc. (WEN.N: Quote<\/a>, Profile<\/a>, Research<\/a>).<\/p>\n

But Tuesday, McDonald’s said it would take a number of measures that Ackman said he supports, even though the company stopped short of promising any spin-off of its “McOpCo” division, which operates the company-owned restaurants. Ackman previously said he was open to alternative company proposals.<\/p>\n

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Reuters – Pershing Square Capital Management on Wednesday said it dropped its activist campaign against McDonald’s Corp. (MCD.N: Quote, Profile, Research) and threw its support behind the growth plan the fast-food chain outlined on Tuesday. McDonald’s stock fell after Pershing’s […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3899","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/3899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=3899"}],"version-history":[{"count":0,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/3899\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=3899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=3899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=3899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}