Pershing Square Holdings Ltd., the hedge fund run by activist investor Bill Ackman, acquired a 9.9 percent stake in Chipotle Mexican Grill Inc. and will seek talks with the beleaguered restaurant chain.
Pershing said it believes that Chipotle shares are undervalued and
plans to discuss ways to improve the company’s operations, cost
structure, management and strategy, according to a filing Tuesday. A
stake of nearly 10 percent would make Pershing Square the second-largest
investor in Chipotle, according to data compiled by Bloomberg.. . . more