(Reuters) - Hedge fund ValueAct Holdings LP raised its stake to 5.2 percent in Valeant Pharmaceuticals International Inc, calling Valeant’s shares “undervalued” and saying it intends to continue to discuss with the company to “enhance shareholder value”.
ValueAct said its discussions with Valeant would also include financial condition, mergers and acquisitions strategy and overall business strategy. (bit.ly/2m6ZHau)
Earlier, billionaire investor William Ackman sold his stake in Valeant with a loss of more than $3 billion after trying to rescue it for some 18 months.
The Canadian drugmaker’s shares rose about 5 percent to $11.73 in extended trading on Thursday.
Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta