The hedge fund run by activist investor Bill Ackman has taken a 9.9-percent stake in Chipotle Mexican Grill, saying the fast-casual restaurant chain is undervalued. Pershing Square Capital Management said in a regulatory filing it intends to have discussions with Chipotle’s management and board that may relate to the Denver-based company’s governance, board composition, operations, cost structure, assets, financial condition and strategic plans.
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