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Seth
Klarman's Baupost Group bought 1.7 million shares during the
first three months of 2016, while Davidson Kempner bought
833,099 shares and Magnetar bought 775,453 shares.
Similarly, Eton Park Capital and Maverick Capital nearly doubled
the stakes their firms already owned. Eric Mindich's Eton Park
bought 926,504 shares and Lee Ainslie's Maverick Capital bought
730,432 shares. Adage Capital Partners nearly doubled its
holdings, buying 547,759 shares to hold 1.2 million shares.
The investments came weeks after Allergan agreed with rival
Pfizer Inc <PFE.N> in November to a merger that was valued at
more than $150 billion.
But their bet that the two companies would become the world's
biggest pharmaceutical company was wrong as the deal collapsed
in early April and Allergan's stock dropped.
The merger derailed due to U.S. Treasury action to curb
inversions or where companies move abroad to cut taxes.
Some investors trimmed their Allergan stakes in the first
quarter. Viking Global Investors cut it by 18 percent to own 4.8
million shares at the end of the quarter.
Senator Investment Group cut its position by more than half when
it sold 875,000 shares and Third Point trimmed its holding by
selling 400,000 shares to own 5 million. Jana Partners cut its
stake by 718,000 shares to 447,000 shares and Omega Advisors cut
its stake by about 221,000 shares to 561,000 shares. Hoplite
Capital cut its stake by roughly half to own 299,825 shares.
(Reporting by Svea Herbst-Bayliss; Editing by Bernard Orr)
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