November 5, 2015 / 7:40 PM / 3 years ago

Ackman, in email, says supports Valeant CEO Pearson

BOSTON, Nov 5 (Reuters) - Billionaire investor William Ackman on Thursday told Valeant Pharmaceuticals International Inc’s chief executive that he supports him and praised management and the board of directors for considering “any and all alternatives” that would benefit shareholders.

In a letter sent from Ackman’s email account to CEO Michael Pearson, with the subject line reading “You”, Ackman said, “We share the board’s confidence in you and your leadership.” The email was seen by Reuters.

Valeant’s share price cratered about 20 percent on Thursday, added to losses incurred by Ackman’s Pershing Square Capital Management, a $14.5 billion hedge fund that is the drugmaker’s second biggest investor. (Reporting Svea Herbst-Bayliss; Editing by Jeffrey Benkoe)

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