Ackman Uses Interesting Strategy, Including 'Superman' In Zoetis Bid

In setting up his next target, Zoetis Inc (NYSE:ZTS), activist hedge fund manager Bill Ackman has utilized an interesting combination of derivatives and may be employing a new tactic with a potential partner in a takeover bid, namely with the rumored involvement of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX). Several weeks ago, as Pershing Square Capital was in court with Allergan, Inc. (NYSE:AGN), Ackman’s hedge fund acquired roughly 41.8 million shares of Zoetis Inc (NYSE:ZTS), for an 8.5 percent stake. But perhaps most interesting is the fund had been selling short a massive amount of near the money put options…