Pershing Square, Valeant pay US$290m to end suit
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ACTIVIST investor Bill Ackman's Pershing Square Holdings Ltd and Valeant Pharmaceuticals International Inc agreed to pay US$290 million to settle investor claims that they engaged in insider trading in the unsuccessful 2014 takeover bid for Botox-maker Allergan Inc.
The deal, which requires the approval of a US judge in Santa Ana, California, ends a squabble between Pershing Square and Valeant on whether to settle the investors' lawsuit and when, according to a statement from Mr Ackman's firm last Friday. In the end, the two companies agreed to divide the payout, with Pershing Square paying US$193.75 million towards the settlement and Valeant paying US$96.25 million.
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