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Investor details call for McDonald's spinoff
Late last month, the largest QSR franchise in the nation McDonald's Corp., said it has no plans to undertake a large-scale restructuring, either through a spinoff or a real estate investment trust.
November 21, 2005
Late last month, the largest QSR franchise in the nation McDonald's Corp., said it has no plans to undertake a large-scale restructuring, either through a spinoff or a real estate investment trust. However, the managing partner of hedge fund Pershing Square Capital Management, Bill Ackman, said Tuesday he plans to keep the pressure on McDonald's Corp to spin off the less profitable part of the company and boost the profit from its vast real estate holdings.Ackman made his case in a presentation at The Value Investing Congress at New York City's Time Warner Center, and in a post-talk press conference where he said he's planning to return with a revised plan. While speaking fondly of the QSR's management, he questioned the advice the McDonald's firm is getting from bankers, saying he wished the company would reveal the formula they used to determine that Pershing's valuation of a restructured company is off base.Read More
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