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Nelson Peltz makes hay in Houston

Shares of food distribution company Sysco Corp. shot up 7% Friday on news that billionaire hedge fund manager, Nelzon Peltz, has taken a large stake and is seeking seats on the company's board of directors.

The news pushed the Houston, Tex., firm's stock up 6.88% to $41.17 a share.

Peltz's hedge fund firm Trian, which recently lost a major battle for board seats at chemical giant DuPont, acquired a 7% stake in Sysco because it believes the stock was undervalued and "represented an attractive investment opportunity," the firm said in a regulatory filing Friday.

Peltz met with the company's representatives on Friday, said Charley Wilson, a spokesman for Sysco, which is based in Houston, Texas.

“We have...


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