Bill Ackman’s Latest Battle

His Pershing Square Holdings fund is soaring, but a plan to borrow $400 million isn’t sitting well with one shareholder.

Bill Ackman (Patrick T. Fallon/Bloomberg)

Bill Ackman

(Patrick T. Fallon/Bloomberg)

Bill Ackman’s Pershing Square Holdings has been on a tear this year, but its plan to issue new debt has irritated a small London shareholder at a time when Pershing Square is buying back shares on several European exchanges every day.

On Tuesday, the fund reported a year-to-date gain of 49.6

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