ReutersUS Sen. Elizabeth Warren (D-Massachusetts) got to one of the most important unanswered questions about Valeant Pharmaceuticals when its executives and major shareholder, Bill Ackman, testified before the Senate on Wednesday.
Today, Valeant — the Canadian pharmaceutical company that's teamed up with Bill Ackman to buy Allergan — held a long webcast on why Allergan should accept its newest bid, and there were a few weird moments in which CEO Michael Pearson walked back from bold statements he's made in the past. Valeant increased the cash component of its bid for Allergan by $10, to $58.30 per Allergan share.
REUTERS/Lucas JacksonBillionaire investor Bill Ackman's Pershing Square Capital Management is offering its hedge fund clients new fee arrangements following a second straight year of losses, according to a letter to investors on Thursday seen by Reuters.
Valeant Pharmaceuticals Intl Ltd. (NYSE:VRX) has quickly become a byword for bad practice, following a tough report from short-selling research firm. The report accused Valeant of being an Enron-like fraud. Even before Citron struck, the drug maker had seen controversies surrounding drug pricing. This proved a toxic mix, sending the stock to a two and a half year low.
It's a monster deal with a fair amount of complication and $45 billion on the line — hedge fund manager Bill Ackman is teaming up with pharmaceutical company, Valeant (VRX), to acquire one of its competitors, Botox-maker Allergan (AGN).
It's hard to know when it happened. On Wall Street dates and times tend to run together, especially when the market is as dead silent as it is now. Sometime, though, in between earnings announcements and investor conferences, CNBC appearances and M&A deals, Bill Ackman of hedge fund Pershing Square Capital Management became what looks like the most oblivious man on Wall Street.
Ever since activist investor Bill Ackman publicly declared he's shorting Herbalife, he has become the target of the biggest names in the hedge fund community. The tall, handsome, silver-haired billionaire founder of Pershing Square Capital Management has a reputation for being extremely confident.