Tuesday 22 April 2014

Ackman, Valeant team up to bid for Allergan in unusual pairing

William Ackman, CEO of Pershing Square Capital Management, speaks at the Partner Connect 2013 conference in Boston By Svea Herbst-Bayliss, Rod Nickel and Olivia Oran BOSTON/NEW YORK (Reuters) - Activist investor William Ackman teamed up with Canadian drugmaker Valeant Pharmaceuticals International Inc to make a joint run at buying wrinkle-treatment maker Allergan Inc, according to security filings on Monday. The move to acquire Allergan, which is worth around $42 billion, is highly unusual as activist investors typically buy stakes and then agitate for strategic change, such as a sale of the company. One source familiar with their plans said it comes after Valeant tried for over a year to court Allergan but was turned away. Ackman and his $13 billion hedge fund, Pershing Square, have a long record in pushing companies to do his bidding, which could help Valeant buy Allergan.




via Health News Headlines - Yahoo News Read More Here..

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