Allergan bid opens new battlefront for activist funds

The bid by Bill Ackman's Pershing Square and Valeant Pharmaceuticals for Allergan is a seminal moment in M&A and could pave the way for more corporate players to team up with an activist shareholder.

Bill Ackman’s Pershing Square Capital Management has opened a brave new world for activist funds with its move to team up with Valeant Pharmaceuticals to make a hostile takeover offer for botox maker Allergan, say investment bankers and lawyers.

Chris Young, who heads Credit Suisse’s global contested situations team in New York that deals with activist funds, says this pairing to try and acquire a company is a watershed development.

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