07 Sep 2016 Ackman buys into Chipotle, to talk to management; shares jump ( Portfolio )

Activist investor William Ackman's hedge fund took a 9.9 percent stake in fast-casual Mexican food chain Chipotle Mexican Grill Inc, buying in after the once high-flying company was battered by food-safety issues.

The billionaire manager said in a regulatory filing late on Tuesday that the company's shares, which closed at $414.07 on Tuesday, were undervalued and that he would be speaking with management.