Market Overview

Rumor: Big Stake In Allergan Acquired By Valeant Supporter Paulson

Related VRX
And The 5 Most Popular Earnings Calls In Q1 Were...
Ackman: Valeant Made Some Mistakes, But It's Not A Sewer
Papa And Ackman Will Steady Valeant; Patient Investors Will Be Rewarded (Seeking Alpha)
Related AGN
$45 Billion Thursday For M&A Shows There Are Still Plenty Of Buyers Out There
Allergan Gets Positive Opinion From EU's CHMP For Its ENZEPI
Is Fidelity Capital & Income Becoming Too Risky? (Seeking Alpha)

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


Related Articles (AGN + VRX)

View Comments and Join the Discussion!