Hedge Fund Manager Larry Robbins Sells Company's Stake in McDonald's
Hedge fund manager Larry Robbins, who pushed for McDonald's to pursue a REIT, has sold his firm's stake in the fast food chain, as of Sept. 30.
Glenview Capital Management previously owned 2.9 million shares, worth $322M at current prices. Earlier this year, Robbins said that McDonald's could tap into at least $20B in shareholder value through a REIT spinoff, Bloomberg reports.
Last week Mcdonald's CEO Steve Easterbrook announced while the company considered going the REIT route, it ultimately decided against it. The sale of Glenview's holdings came before that announcement was made. [Bloomberg]