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Pershing Square Capital Management, which is run by shareholder activist Bill Ackman, revealed Friday that it has increased its position in Landry’s Restaurant Inc. (LNY) to 4,008,387 shares or 24.8% of the company’s shares outstanding. Pershing Square’s position includes 1,604,255 common shares as well as an additional 2,404,126 shares that are controlled under certain cash-settled total return swaps.

On the 13th of November, Pershing Square disclosed that it held an aggregate interest in 23.4% of Landry’s shares out. According to last week’s HFS Catalyst Investment Research Report, the hedge fund manager opposes a previously announced management buyout led by Landry’s Chairman for $14.75 per share.

As of November 2nd, the Chairman owned 55.1% of LNY shares outstanding. The buyout transaction requires the approval by a majority of the outstanding shares not held by the Chairman. Notably, Pershing Square purchased its shares at an average cost basis of $13.94. Shares of LNY closed Friday at $19.51.

Disclosure: No positions

Source: Pershing Square Makes a Big Move to Block Landry's Chairman