Ackman Going Public, Should Mega Cap Stocks Worry?

an average price of $121.50 per share, including $31 million of stock sales by the CEO. During the first quarter, the board also granted stock options to management at $124 per share. Clearly, management found these prices fair as they sold material amounts of stock. The board was similarly comfortable granting options with strike prices at enormous discounts to Valeant’s offer, an offer that supposedly “grossly undervalues” the company.   We Believe Allergan’s Board Has Breached Its Fiduciary Duty in Not Properly Examining the Valeant Offer   Not only has the board rejected the bid, but we believe it has…