Re: The Beginning of the Endgame
Thank you Dan very nice work!
One thing in regards to the shareholder letters.
TRowe Price is major shareholder of both Valeant and Allergan. They doubled their stake in Allergan in Q2 when Ackman made his plan public. It seems to me they have a lot to gain in regards to an Allergan/Valeant deal and a lot to lose if Allergan makes another deal. Ackman also stated a while back TRowe supported a deal, so it seems as if Ackman has a friend at TRowe and based on TRowe's speculative position on Allergan wouldn't that give them some warts as well if they sued?
The other company that came out with a statement was an event driven hedge fund. These funds bet on these sorts of M&A deals and I'm sure this one bet on an Allergan/Valeant deal and with the news of it potentially falling apart they panicked and released a letter to derail Allergan.
Based on these firms positions can't Allergan argue that these firms are only looking at short term results while the board (with a Salix deal) is looking at the long-term interest of shareholders?
