Market Overview

Rumor: Big Stake In Allergan Acquired By Valeant Supporter Paulson

Share:
Related VRX
Watch These 7 Huge Put Purchases In Thursday Trade
Benzinga's Option Alert Recap From April 26
Jones Collombin Investment Counsel Inc Buys Stantec, First Republic Bank, Amazon. ... (GuruFocus)
Related AGN
20 Stocks Moving In Tuesday's Pre-Market Session
Guy Adami And Pete Najarian Share Their Thoughts On Nvidia And Allergan
Welch & Forbes Llc Buys Chubb, Check Point Software Technologies, Johnson Controls ... (GuruFocus)

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!