Market Overview

Rumor: Big Stake In Allergan Acquired By Valeant Supporter Paulson

Share:
Related VRX
Valeant's Move To The Downside Accelerates
Technical Alert: Valeant Pharma Lower For Sixth Day In A Row
15 Stocks For 2017 And Beyond (Seeking Alpha)
Related AGN
FTC Keeps Pressure On Wall Street, Refiles Suit Against Allergan, Others
The Market In 5 Minutes: McDonald's, Halliburton Ramp Up Q4 Earnings Season
Equitec Proprietary Markets, Llc Buys SPDR S&P 5……, Cabela's Inc, NXP Semiconductors ... (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!