Top hedge funds flock to takeover target Allergan in Q2

Boston

BILLIONAIRE investor William Ackman, who often says he is flattered when others follow him into a stock he likes, was joined by several prominent hedge funds that made new bets on takeover target Allergan Inc during the second quarter.

Regulatory filings released on Thursday give the first comprehensive look at Allergan's redrawn shareholder map since Mr Ackman and deal partner Valeant Pharmaceuticals Inc made public their pursuit of the Botox maker in late April. And while the data, released in so-called 13-F filings, is backward looking and could have changed in the 45 days since the end of the quarter, investors say that it gives at least a strong flavour for what savvy investors are thinking.