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Ackman says Burger King shares worth $17-$18

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04-04-2012 | 12:19

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Ackman says Burger King shares worth $17-$18

Justice Holdings co-founder and hedge fund veteran William Ackman said on Wednesday that shares in Burger King are worth a dollar price in the high teens.

The comments came a day after Burger King, the third-largest U.S. hamburger chain, announced plans to go public through a deal with Justice, a London-listed investment firm.

"We think the stock today is worth something in the high $17 to $18 range," Ackman said on a conference call.

Based on a more aggressive multiple based on assumptions of successful turnaround efforts, Ackman said the stock would be worth "as much as $20 per share."

Shares in Justice closed at 856.5 pence, or $13.60, on Tuesday.

Reuters

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