Bausch Health Companies Inc (BHC)

[nsomniyak]

VRX - Don't know. Somebody bought those shares, and thought enough of VRX to put in just about $300MM to buy them at $11.

Since the announced price (11) was lower than the 52 week low at that time (11.36) I would assume this was a negotiated off-market transaction with a single buyer. I would expect to see a 13G filed soon, as 27MM shares is more than 5% of VRX.

It is also worth noting that Ackman did not sell at 11 because he thought VRX would not get higher than that. He sold to capture a huge tax loss (the figure I have seen reported is $4B) RIGHT NOW. Not sure what his tax rate is but if 30% that $4B loss is worth a cool $1.2B off his taxes. The numbers suggest he was very motivated to get the sale done, with the tax loss being worth more than the actual sale proceeds!

I bought some VRX calls.