Rumor: Big Stake In Allergan Acquired By Valeant Supporter Paulson

Allergan Inc. AGN shares bumped up more than 2 percent on a rumor that Hedge fund Paulson & Co. acquired 6 million shares. The report by Reuters said Paulson backs Valeant Pharmaceuticals 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.