Ackman's Pershing Square Reportedly To Sell Part Of Stake In Zoetis

(RTTNews) - Pershing Square Holdings Ltd., the publicly traded security of Bill Ackman's activist hedge fund, is selling part of its stake in health-care company Zoetis Inc., New York Times reported citing people familiar with the matter.

Pershing Square set out to sell 16.85 million shares in Zoetis for a price range of $46.75 to $47 per share, the newspaper reported.

The transaction is expected to be valued around $800 million and will be managed by Bank of America Merrill Lynch and Credit Suisse. Pershing Square will continue to own 25 million shares in the company, the report said.