The investment makes ValueAct the
ValueAct said it bought its 9.2 million common shares "for investment purposes ... in (its) ordinary course of business."
According to a
ValueAct bought between 100,000 and 3.5 million shares in those transactions, paying between
Armstrong, a global manufacturer of floors and ceilings, is one of the county's biggest employers, with more than 1,000 workers here.
ValueAct's arrival comes five months after a
According to ValueAct's website, the fund "concentrates on acquiring significant ownership stakes in companies it believes are fundamentally undervalued."
ValueAct says its goal with each investment "is to work constructively with management and/or the company's board to implement a strategy or strategies that maximize returns for all shareholders."
The increase stemmed from successful investments, most notably in
ValueAct, The Journal said, "has posted an average annualized return of about 17 percent since its inception in 2000, after fees.
Last year, it climbed about 30 percent."
A message seeking comment from ValueAct on its Armstrong investment was not immediately returned.
Hedge funds are investment funds that are aggressively administered by professional management.
Usually, they're set up as private investment partnerships and require large sums from their participants.
This contrasts with mutual funds, which generally are open to the public and welcome small investments.
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