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Investing.com -- Bausch Health Companies Inc (NYSE:BHC) stock surged 11.3% after Paulson Capital Inc. and its affiliates increased their ownership stake in the pharmaceutical company.
The increase reflects Paulson’s acquisition of a net long position of 34,721,118 common shares previously held by Carl C. Icahn and his affiliates. Following this transaction, Paulson Capital and certain affiliates and managed funds now beneficially own approximately 19.13% of Bausch Health’s outstanding common shares.
As a result of Icahn Group’s reduced position falling below a specified threshold, the Director Appointment and Nomination Agreement between Bausch Health and Icahn Group has terminated. Consequently, Brett M. Icahn and Steven D. Miller have resigned from the company’s Board of Directors.
John A. Paulson, Chairperson of the Bausch Health Board, expressed confidence in the company’s direction, stating, "I believe there is significant value in Bausch Health and am confident in the Company’s efforts to maximize shareholder value. I am excited about the underlying business prospects in both Bausch Health and its subsidiary, Bausch + Lomb Corporation."
The company clarified that it is not a party to any agreement or arrangement with Paulson Capital or its affiliates or the Icahn Group in connection with these transactions.
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