Financier LeBow now Borders’ biggest shareholder, supplanting activist William Ackman

At a Glance: Borders’ top 2 shareholders

Borders Group Inc. said Friday that financier Bennett LeBow is investing $25 million in the company to become its biggest shareholder, supplanting activist shareholder William Ackman’s Pershing Square Capital Management LP.

LeBow’s share could grow further with a warrants issue.

Here’s who owns what:

— AFTER LeBOW’S INVESTMENT:

Bennett LeBow will hold 11.1 million shares, or 15.5 percent

Pershing Square has 10.6 million shares, or 14.8 percent (17.5 percent before LeBow investment)

— AFTER WARRANTS:

LeBow’s stake could rise to 35 percent if Borders shareholders approve issuing him warrants to buy 35.1 million more shares at $2.25 each, the same price he paid for the initial batch.

Pershing Square’s stake is expected to rise to 31.1 percent, based on warrants Borders agreed to two years ago for 12.3 million shares at 65 cents each.