July 12, 2017 / 2:51 PM / 4 months ago

BUZZ-Restaurant Brands Intl: Top holder Ackman rings the register

(Updates, adds pricing information)

** U.S.-listed shares of Restaurant Brands International drop 2.5 pct in early trade as activist investor William Ackman sells $610 mln worth of his stake

** QSR volume has already exceeded its 30-day avg

** Market sources say Credit Suisse bought 10 mln shares from Pershing Square Capital Management and reoffered them at $61.00 in an unregistered block trade; represents a 1.8 pct discount to stock’s Tues close

** Pershing’s position was 39.2 mln shares (16.6 pct stake) as of Mar 31, per Thomson Reuters data

** Restaurant Brands, parent co of Burger King and Tim Hortons, listed as billionaire Ackman’s biggest portfolio holding prior to the sale

** Meanwhile, Instinet started coverage of co with a “buy” and $73 PT

** QSR recently down 1.7 pct, trimming stock’s YTD gain to 28 pct; Toronto-listed shares off 2.7 pct, now down 22 pct this year

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