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| Politics Forum Index » Radical Politics Forum » Prisons -- still a growth industry!... |
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| Jorge Cruz Rodriguez... |
 Posted: Tue Oct 20, 2009 10:36 am |
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Ackman Says Pershing Owns 9.5% of Corrections Corp. (Update1)
http://www.bloomberg.com/apps/news?pid=20601087
By Eric Martin
Oct. 20 (Bloomberg) -- William Ackman said he bought shares of
Corrections Corp. of America, giving his Pershing Square Capital
Management LP hedge fund a 9.5 percent stake in the biggest U.S.
operator of private prisons.
“We’re in with two feet,” Ackman said today at the Value Investing
Congress in New York. “You’ve got a real estate company, in our
opinion, with the government as a tenant. We think this is a business
that has very significant growth. It’s going to do well in any
economic environment, as long as people commit crimes and as long as
we punish them.”
The 43-year-old investor said demand for private prisons will
increase. Corrections Corp. shares are worth $40 to $54 a share,
Ackman said.
Corrections Corp. shares climbed 5.4 percent to $25.76 at 3:56 p.m. in
New York after jumping as much as 7.4 percent, the most since Aug. 6.
Ackman said he paid more than $24.50 a share.
To contact the reporter on this story: Eric Martin in New York at
emartin21 at (no spam) bloomberg.net.
Last Updated: October 20, 2009 16:00 EDT |
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