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Pershing Square Offering Zoetis Block of Shares For Sale

Yesterday it was rumored that Bill Ackman's hedge fund Pershing Square Capital was shopping an over 16.8 million block of shares of Zoetis (ZTS) and the NYTimes basically confirmed it. 

Bank of America and Credit Suisse are running the transaction which would net Pershing around $800 million.  After the sale, Pershing will still own around 25 million shares of ZTS.

Pershing's board member also stepped down at Zoetis recently.

Ackman has suffered a big blow with his investment in Valeant Pharmaceuticals (VRX) which has left him reshuffling the rest of his portfolio a bit.  Part of his thesis on ZTS was that perhaps VRX might be interested in buying it.

This is the second stake that the hedge fund manager has trimmed recently.  He sold some Mondelez (MDLZ) back in March.

For more on this firm, we also posted up Pershing's latest presentation on their holdings.