Profile image
By silveristhenew (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Ackman Capitulates: Sells Entire Valeant Stake; Stock Tumbles

Tuesday, March 14, 2017 0:17
% of readers think this story is Fact. Add your two cents. / by Tyler Durden / Mar 13, 2017 4:46 PM

Valeant shares plunged after the close after CNBC’s David Faber first reported that Pershing Square’s Bill Ackman had liquidated his entire stake, and has effectively resigned from the board, saying he won’t stand for re-election. According to Bloomberg, Pershing Square is offering 27.23 million shares via Jefferies, at a price of $11.10-$11.40.

Quoted by Reuters, Ackman had the following brief statement on what may have been his worst ever investment: “It was time to get out of the position, investment required disproportionately large amount of time and resources.”

The stock plunged as much as 10% on the news.

Having spoken to Ackman, CNBC’s Scott Wapner tweets that Bill Ackman said he leaves Valeant “in a position where the business can recover.” He adds that Ackman sold the stake “because position couldn’t move the needle” for Pershing Square “even if stock doubled from here.” Ackman also admits that he didn’t realize how bad VRX situation was until he joined the board.


The post Ackman Capitulates: Sells Entire Valeant Stake; Stock Tumbles appeared first on Silver For The People.


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.