Investment Firm Takes Significant Stake in Armstrong

New York, NY, Aug. 7, 2014 -- San Francisco investment firm ValueAct Capital now owns 16.8% of Armstrong World Industries' common stock.

In an Aug. 1 filing with the Securities and Exchange Commission, ValueAct disclosed that it purchased 6.5 million shares of Armstrong stock over nine days in July at prices ranging from $49.28 to $55.24, with the largest purchase, 3,523,050 shares at $50.43 on July 28.

The company now owns 9.2 million shares.

ValueAct's website says that it engages in "active, constructive involvement in the value creation" at its investments. It manages more than $14 billion in investments.

In related news, on July 25, Armstrong's board of directors approved an amendment to the company's bylaws that requires ownership of more than 20% of voting shares before an investor can request a special meeting of the company's shareholders.

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