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Friday, November 14, 2014

Zoetis adopts poison pill after Ackman picks up stake, (NYSE: ZTS)

Zoetis Inc adopted a poison pill, three days after activist investor William Ackman's Pershing Square Capital Holdings revealed a stake in the animal health company. Zoetis set the trigger for the poison pill at 15 percent.The rights plan is set to expire on Nov. 16, 2015, the company said in a statement on Friday.Ackman said his hedge fund had picked up an 8.5 percent stake in Zoetis, along with Sachem Head Capital, which owned 1.6 percent stake separately.As of Tuesday, Ackman's stake was worth $1.54 billion.

Zoetis Inc is engaged in the discovery, development, manufacture and commercialization of animal health medicines and vaccines, with a focus on both livestock and companion animals. Shares of ZTS fell by 0.23% or $-0.1/share to $43.14. In the past year, the shares have traded as low as $28.14 and as high as $44.13. On average, 4183870 shares of ZTS exchange hands on a given day and today's volume is recorded at 2689390.