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Rumor: Big Stake In Allergan Acquired By Valeant Supporter Paulson

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Allergan Inc. (NYSE: AGN) shares bumped up more than 2 percent on a rumor that Hedge fund Paulson & Co. acquiredsix6 million shares.

The report by Reuters said Paulson backs Valeant Pharmaceuticals (NYSE: VRX) in its proxy battle to acquire Allergan and the new stake puts Paulson among Allergan's top holders.

Valeant needs support from 25 percent of Allergan's holders in order to call a special shareholder meeting to vote on its $53 billion bid.

Allergan has called the offer "grossly inadequate."

With a current market capitalization of about $50.3 billion, Allergan traded recently at $69.02, up 2.2 percent.

Posted-In: News Rumors

 

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