Pershing Square gets permission to turn Allergan options into shares

Fri May 2, 2014 10:44am EDT
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BOSTON May 2 (Reuters) - Hedge fund manager William Ackman's $13.6 billion Pershing Square Capital Management has received permission from the U.S. Federal Trade Commission to turn Allergan Inc options into shares, a source familiar with the matter said on Friday.

Ackman is working with Valeant Pharmaceuticals International Inc to buy the Botox maker. Two weeks ago, Pershing Square said in a U.S. regulatory filing that it had acquired a nearly 10 percent stake in Allergan, using call options and forward contracts to help build its position. (Reporting by Svea Herbst-Bayliss; Editing by Lisa Von Ahn)