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Bill Ackman Can't Possibly Be Expected To Remember All The Great Ideas He's Ever Had

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It's a burden, really.

Bill Ackman wants to clear up a few things. First, the activist investor and CEO of Pershing Square Capital Management LP is not a fan of “hostile” to describe unsolicited takeover offers. In a recent deposition–part of ongoing litigation over Pershing Square’s and Valeant Pharmaceuticals International Inc.’s pursuit of Allergan Inc.–Mr. Ackman balked at the term when it was posed by an Allergan lawyer. “I call them happy deals, not hostile deals,” he said, according to a heavily redacted transcript of the deposition. “Unsolicited, I think, is a little more gentlemanly. I think it’s also more accurate.” And while he’s at it, he’d rather people didn’t call Pershing Square a hedge fund. He would prefer “investment holding company,” and said the firm, which recently listed one of its funds on the Amsterdam’s stock exchange, more closely resembles Warren Buffett’s Berkshire Hathaway Inc...Other pearls from the five-hour deposition, in which Mr. Ackman insisted opposing lawyers call him Bill:

Q. Do you recognize Exhibit 19?
A. It was an e-mail that I sent [Valeant CEO] Mike [Pearson].
Q. And you say “I have a good idea.”
A. Yes.
Q. Do you recall what you were talking about?
A. I have a lot of good ideas.

Bill Ackman Likes 'Happy Deals' [MoneyBeat via Matt Levine]


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