Ackman, Allergan, Valeant

Ackman, Allergan and insider trading
http://finance.yahoo.com/blogs/breakout/ackman--allergan-and-insider-trading-140059849.html

"In anticipation of this deal Ackman purchased 4.99% of Allergan stock over several weeks. Once that stake was built Ackman let the market settle for a few days before going for the kill. In what he called a "rapid accumulation program" of Allergan stock. (In English Ackman bought call options and "forward contracts" giving him the right to buy another 4.7% of the company at a set price and date to be named later)."

Behind Bill Ackman's deal for Botox maker Allergan
http://finance.fortune.cnn.com/2014/04/22/jeff-ubben-bill-ackman-valeant-allergan/

"Ubben says Ackman was initially interested in investing in Valeant, but Valeant's (VRX) management told Ackman they were interested in Allergen. Ackman agreed to help, came up with a deal structure, and then started to build up his stake in Allergan (AGN). Ackman now owns 9.7% of Allergan."



Ackman Amassed Allergan Stake Under Botox Maker’s Radar
http://www.bloomberg.com/news/2014-04-22/ackman-s-pershing-amassed-allergan-stake-under-botox-maker-radar.html

"U.S. securities law “allows a company like Pershing to get a running start as there is not disclosure of the intent to take over a firm” until 10 days after acquiring more than 5 percent of the target’s shares, said James Cox, a professor at Duke University School of Law."



Wall Street can't keep a straight face on Bill Ackman's Botox deal
http://www.theguardian.com/business/2014/apr/22/wall-street-botox-allergan-valiant-bill-ackman

"Ackman’s unusual goal is to use his ownership in Allergan to politely bully the company into accepting Valeant’s offer."
"If the deal goes through, Valeant promised to sell off Restylane and Perlane, as well as another filler, Dysport, to make room for Botox."

"Suzan Jo, a partner with law firm Duane Morris, said Ackman’s technique, while unusual, was most likely legal because his intent was to acquire an ownership stake in the company, not flip the shares. Ackman also filed the right documents with federal regulators."


http://blogs.wsj.com/moneybeat/2014/04/22/aggressive-bullish-options-activity-seen-in-allergan-ahead-of-tie-up-news/


http://www.zerohedge.com/news/2014-04-22/how-bill-ackman-scrambled-acquire-over-3-billion-alergan-calls-knowing-valeant-would

"Ackman is partnering with a voracious acquirer in Valeant Chief Executive Officer Mike Pearson, who took the helm at the Laval, Quebec-based company in 2008 and has since spent at least $19 billion buying more than 35 companies."


헤지펀드의 경우에 주식매매가 아니라 기업을 인수할 의도를 가지고 있으면, 5% 지분을 확보하고 10일 이내에는 추가 매수를 할 수 있다고. 내부자 거래로 보이지만, 합법적이라고.




https://www.google.com/finance?chdnp=1&chdd=1&chds=0&chdv=1&chvs=Logarithmic&chdeh=0&chfdeh=0&chdet=1398283200000&chddm=488750&chls=IntervalBasedLine&cmpto=NYSE%3AVRX&cmptdms=0&q=NYSE%3AAGN&ntsp=1&fct=big&ei=tu9XU_jGBczZkgXWHg


VRX
- M&A, 구조조정, 정리해고, 비용절감으로 몇년째 덩치를 키우는 중.
- 적자상태. 현금흐름 유지. 부채 증가.