Why an investor's Botox play should raise eyebrows

Investor William Ackman's sneaky bid for Botox maker Allergan went completely under Wall Street's radar. The move is ripe for SEC scrutiny.

There was no sight of any frown lines on the forehead of activist investor William Ackman over the past two months as he quietly bought up almost 10 per cent of specialty healthcare company Allergan. 

The 48-year-old hedge fund manager is clearly trying to keep it that way as he partnered up with Valeant Pharmaceuticals this week to launch an audacious $US46 billion hostile bid for the maker of Botox.

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