Hungry for McDonald's

A hedge fund activist agitating for change at McDonald's (MCD Quote) is seeking to ratchet up pressure on the fast-food giant by buying $2 billion worth of its shares, according to a report from Bloomberg on Wednesday.

Bill Ackman of Pershing Square Capital has sent a letter to others in the investment community looking to raise money for the acquisition and rally support for a potential proxy fight, according to the report, which cited "a person familiar with the matter."

At Tuesday's closing price of $39.06, a $2 billion purchase of McDonald's shares would give Pershing about 51 million shares, or a 4.2% stake, making it McDonald's third-biggest shareholder.

"The more stock we own, the greater influence we can have,'' Ackman reportedly wrote in the letter to investors, which Bloomberg said it obtained from an unnamed source. "We need to be a large shareholder with the associated voting power to lead a credible proxy contest so that our ideas are considered more seriously by all stakeholders."

For its part, McDonald's on Wednesday announced a 49% increase in its dividend, citing confidence in the strength of its business and the reliability of its cash flow. The increase will raise the burger giant's annual payout to $1 a share from 67 cents.

Tara McLaren, a McDonald's spokeswoman, says the company's announcement about its dividend increase has no relation to the news about Pershing Square's investments. At least one shareholder, however, is skeptical.