Carl Icahn Observing The Rules Of Hedge Fund Friendship

Bill Ackman/Allergan are grateful.
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As you know, Bill Ackman and Carl Icahn are buddies now. Compadres. Exchangers of compliments. Still, even besties have the occasional difference of opinion, for instance on whether a certain diet-shake company is actually a company or the most nefarious trick ever played on American consumers and investors, or who should be President of the United States. But there are things that friends just don’t do to friends, and in this context that means publicly supporting your bud’s effort to force Allergan’s CEO to accept your offer that he find a new job, while quietly admiring that CEO’s gumption and biding your time until there was enough distance from your friend’s abject failure in the matter to invest in that CEO’s company. You know, the one that you said should be an operating subsidiary of your friend’s company two years ago.

We have recently acquired a large position in Allergan and are very supportive of CEO Brent Saunders. We were instrumental in bringing Brent on board as the new CEO of Forest Labs a few years ago and worked cooperatively and constructively with him to help increase value for all Forest shareholders. Less than a year later Forest was acquired by Actavis (which subsequently merged with Allergan) resulting in massive gains for Forest shareholders. While we at that time disposed of our position in Forest, we still have always maintained great respect for Brent. We have every confidence in Brent’s ability to enhance value for all Allergan shareholders.

Statement regarding Allergan [CarlIcahn.com]
Icahn Takes ‘Large Position’ in Allergan [Bloomberg]

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