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Bailey McCann, Opalesque New York:

As Opalesque recently reported, investors are lining up for activist strategies. Those investors may be interested in the latest news from Pershing Square CEO Bill Ackman who is teaming up with Valeant Pharmaceuticals International Inc. seek to acquire the botox maker, Allergan Inc. The partnership was first reported late yesterday afternoon and marks another high profile bet for the activist who has recently staked out positions on Herbalife and JC Penny.

Valeant owns other well known brands including Bausch & Lomb and focuses heavily on eye-care. According to reports, Valeant has been trying to acquire Allergan for some time, but this acquisition attempt is likely to be hostile. Both companies posted gains in after hours trading.

The New York Times notes that if the bid is successful, a hedge fund teaming up with a corporation could provide a new model for corporate actions. The deal would have to be approved by regulators which are likely to give the transaction close scrutiny given the possibility for conflicts of interest. ......................

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