Rumor: Big Stake In Allergan Acquired By Valeant Supporter Paulson
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.
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