Hedge fund manager William Ackman told investors in a letter that his firm still owns 26.6 million shares in Allergan Inc. which were valued at $5.6 billion one week after the Botox maker agreed to sell itself to rival pharmaceutical company Actavis Plc. Ackman's Pershing Square Capital was the biggest investor in the Botox maker and had worked for seven months to persuade the company to sell to Valeant Pharmaceuticals.At the end of the third quarter Pershing Square owned 28.87 million shares in Allergan, according to a regulatory filing.The hedge fund recently met with the Actavis chief executive officer and was "impressed" with his plan for the combined company. "If we hold the shares until transaction closure, we will receive $3.4 billion in cash and 9.81 million shares of Actavis worth $2.6 billion at current value," the letter said.
Shares of ACT remained unchanged at $270.31. In the past year, the shares have traded as low as $156.40 and as high as $271.51. On average, 2837370 shares of ACT exchange hands on a given day and today's volume is recorded at 100.
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 remained unchanged at $212.10. In the past year, the shares have traded as low as $94.98 and as high as $214.20. On average, 2847190 shares of AGN exchange hands on a given day and today's volume is recorded at 0.
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