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The poison pill prevented Ackman from taking a larger stake in Air Products. "I was a little too cute in my letter to investors. I didn't expect people to be running around looking for the company. I think it alerted the market," said Ackman, acknowledging the speculation had complicated his plans. "It also made the stock more liquid so it enabled us to buy about 10 percent of the company, but we would have bought more if they hadn't put in the poison pill."
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