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Valeant and its ally, Pershing Square, lost the battle to acquire Allergan. Sometimes, the losers in a takeover battle can also win if they own
Valeant and its ally, Pershing Square, lost the battle to acquire Allergan. Sometimes, the losers in a takeover battle can also win if they own a toehold stake in the targets stock. Between April and June 2014, Pershing acquired a 11.00% stake in Allergan at an estimated average price of $154 a share. In November, Actavis offered $232 per share for each of Allergans 429 million shares. What was Pershings profit on its holding? (Do not round intermediate calculations. Enter your answer in millions rounded to 1 decimal place.)
Pershing's profit
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