Hedge fund manager William Ackman's $13.6 billion Pershing Square Capital Management has received permission from the U.S. Federal Trade Commission to turn Allergan Inc options into shares, a source familiar with the matter said on Friday.Ackman is working with Valeant Pharmaceuticals International Inc to purchase the Botox maker. Two weeks ago, Pershing Square said in a U.S. regulatory filing that it had acquired a nearly 10 percent stake in Allergan, using call options and forward contracts to help build its position.The Hart-Scott-Rodino Act requires that investors notify the FTC and the Justice Department's antitrust division before making acquisitions of voting securities. Usually there is a 30-day waiting period before the transactions can be finalized. In this case the hedge fund received permission to proceed within two weeks of making its original filing on April 21.The step does not, however, mean that Pershing Square is trying to buying more of the company; it could be merely seeking to transform its stake into stock. In that case, the fund would have put roughly one-third of its assets into this bet.
Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN traded higher by 0.24% or $0.405/share to $169.10. In the past year, the shares have traded as low as $81.33 and as high as $170.05. On average, 3930020 shares of AGN exchange hands on a given day and today's volume is recorded at 917364.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX fell by 0.97% or $-1.34/share to $136.79. In the past year, the shares have traded as low as $72.25 and as high as $153.10. On average, 2551350 shares of VRX exchange hands on a given day and today's volume is recorded at 1276240.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX fell by 0.88% or $-1.33/share to $150.15. In the past year, the shares have traded as low as $72.59 and as high as $170.45. On average, 392934 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 113998.
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