Bill Ackman's Pershing Square Capital Management, L.P. has bought an 8.6% stake in Alexander & Baldwin, Inc. (ALEX) for $148 million, according to a regulatory filing Thursday.

The document said Pershing Square acted in conjunction with Marcato Capital Management LLC's Richard McGuire, who owns a 1.3% stake.

The hedge fund manager said it bought the shares as they are "undervalued and are an attractive investment," and expects to engage in discussions with management and board on matters like business, assets, capitalization, financial condition and operations. The filing didn't explain further.

Ackman is a known activist hedge fund manager, recently involved in J.C. Penny Co. (JCP) and the restructuring of bookstore chain Barnes & Noble Inc. (BKS).

-By Amy Or, Dow Jones Newswires; 212 416 3142, amy.or@dowjones.com
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