Bill Ackman's Pershing Square Capital Management, L.P. has bought an 8.6% stake in Honolulu, Hawaii-based transportation and real estate company 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 the 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).

One common reason for Ackman's activism was to extract the value of companies' real estate holdings.

Alexander & Baldwin's real estate operations, which involve commercial and residential developments in Hawaii, recorded an operating profit of $85 million last year, a slight increase from $82 million in 2009, and accounted for over 40% of the company's profits. The firm as a whole generated $92 million in net profits last year, more than doubling the $44 million profit in 2009.

Alexander & Baldwin shares closed slightly higher at $45.65 Thursday, and rose 10.6% in post-market trading.

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