Pershing Square x $VRX – Nov23’15

  • Pershing Square acquires 2,144,618 shares from 1-Oct-15 to 23-Nov-15
  • Total cost: $240,933,692

2

  • Pershing Square sells strangles to fund purchases of OTM calls; first on 20-Nov-15 and then again on 23-Nov-15
  • Total exposure through options: 12,500,000 shares; total cost: $65,561,919
  • Total additions: 14,644,618 shares; total cost: $306,495,611

3

  • Total stake: 9.9% (34.12 mln shares)

4

  • Average cost: $113.76
  • Current price: $87.34 (source: Google Finance; 7:59PM – Nov23’15)

5

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