Icahn representations resign Bausch + Lomb board after agreement termination
The agreement, dated June 21, 2022, ended after the Icahn group's net long position in Bausch Health Companies (BHC.TO), opens new tab, Bausch + Lomb's parent, fell below the required threshold.
On Friday, Bausch Health said Paulson Capital, along with certain affiliates and managed funds, acquired about 34.7 million common shares previously held by the Icahn Group, and now owns about 19.13% of the company's outstanding common shares.
The company added Brett Icahn and Steven Miller resigned from Bausch Health's board, following the termination of a separate director appointment and nomination agreement dated February 23, 2021.
In April, Carl Icahn had built an economic interest covering about 34% of Bausch Health's shares.
Bausch Health separated Bausch + Lomb into another publicly listed company in 2022 while retaining a majority stake. It holds an 87.7% stake, according to data compiled by LSEG.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
8 minutes ago
- Reuters
Dollar mixed as traders wait on Jackson Hole
NEW YORK, Aug 19 (Reuters) - The dollar was mixed on Tuesday as traders awaited the Federal Reserve's Jackson Hole Economic Policy Symposium later this week for further clues on U.S. interest rate policy. A speech on Friday by Fed Chair Jerome Powell is this week's main focus, with little major economic data to drive market direction. Traders are tuned into whether Powell will push back against market pricing of a rate cut in September. Traders ramped up bets on a rate cut at the Fed's September 16-17 meeting after a weak July jobs report, and as last month's consumer price inflation report showed limited upward pressure from tariffs. But a hotter-than-expected July producer price reading has tempered some rate-cut expectations. Powell has said he is reluctant to cut rates due to an expected increase in inflation this summer from tariffs. "Last week, when we had about 25 basis points priced in for September, and more than two cuts for the rest of the year, there was probably some risk that the Powell speech would disappoint those expectations if he wasn't clear enough in committing to a September cut," said Vassili Serebriakov, an FX and macro strategist at UBS in New York. "Now that we're pricing in about 20 basis points for September and just slightly over 50 basis points for the rest of the year, I think the risks are much more balanced," Serebriakov added. Traders are pricing in 54 basis points of cuts by year-end. The Fed will also release minutes from its July 29-30 meeting on Wednesday, though they may offer limited insight as the meeting came before July's weak jobs report. Data on Tuesday showed groundbreaking for new U.S. single-family homes and permits for future construction rose in July even as high mortgage rates and economic uncertainty continued to hamper home purchases. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, was last up 0.15% on the day at 98.27, with the euro down 0.12% at $1.1646. Against the Japanese yen , the dollar weakened 0.22% to 147.54. Currency moves have been relatively muted for the past few weeks following a steep drop in the dollar in the first half of the year. "There's been a bit of de-risking in FX over the summer and now investors are just waiting for the more clear catalyst for the next move," said Serebriakov. In other currencies, sterling slipped 0.16% to $1.348. The Aussie dropped 0.62% to $0.6451, the weakest since August 5. Traders are also focused on any developments in peace talks to end the Russia-Ukraine war. U.S. President Donald Trump said on Tuesday he hoped Russian President Vladimir Putin would move forward on ending the war in Ukraine but conceded that the Kremlin leader may not want to make a deal at all, adding this would create a "rough situation" for Putin. In cryptocurrencies, bitcoin fell 2.88% to $113,112.
Reuters
8 minutes ago
- Reuters
Musk's advice-of-counsel defense faces test in Twitter lawsuit
Aug 19 (Reuters) - Investors suing Elon Musk are crying foul in a class action over the billionaire's delayed disclosure of his Twitter stake in early 2022, arguing that he wants to escape liability by citing legal advice he received from two prominent law firms without providing details about it. Attorneys for the plaintiff, an Oklahoma firefighters pension fund, said Monday, opens new tab that Musk and his co-defendants should be forced to clarify whether they will rely on legal counsel's involvement to argue they acted in good faith. They accused Musk of using a "classic 'sword and shield' strategy" by invoking their lawyers' advice as a defense while also refusing to turn over documents relating to that defense, citing attorney-client privilege. Lawyers at Bernstein Litowitz Berger & Grossmann asked U.S. Magistrate Judge Gabriel Gorenstein in Manhattan federal court to compel Musk to "provide a binding election as to any reliance on counsel or good faith defense" before he is scheduled to give testimony in the case early next month, and to extend a deadline for producing evidence. The dispute could shape Musk's defense in the securities fraud case, potentially forcing him to choose between exposing internal legal communications or forgoing a potentially powerful defense. Musk and the other defendants are represented by a team of lawyers from Quinn Emanuel Urquhart & Sullivan, including Alex Spiro, a top partner at the firm. Musk had also hired lawyers from McDermott Will & Emery days before he amended a key filing in April 2022 that revealed his 9.2% stake in Twitter. Defense lawyers in the case, including Spiro, did not immediately respond to requests for comment, nor did lawyers at Bernstein Litowitz. Spokespersons for Quinn Emanuel and McDermott Will & Schulte also did not immediately respond. McDermott Will & Emery merged with Schulte Roth & Zabel earlier this month. The lawsuit accuses Musk of defrauding Twitter shareholders who sold stock in the social media company at artificially low prices because they were kept in the dark about Musk's growing share. Musk eventually purchased Twitter for $44 billion in October 2022, and renamed it X. Musk has said he had intended to reveal his Twitter stake at the end of 2022, but disclosed it promptly after realizing he misunderstood the U.S. Securities & Exchange Commission's disclosure rule. He has denied wrongdoing and said this was "not a scheme to defraud." If the defendants plan to cite their good-faith reliance on legal counsel as a defense, then Bernstein Litowitz said the plaintiffs want to see those documents before deposing Musk and a top aide, Jared Birchall. Birchall and Musk's depositions are currently scheduled for Aug. 25 and Sept. 4, respectively. Bernstein Litowitz also said that Gorenstein could "bar defendants' reliance on counsel as any part of their defenses at trial." The SEC filed a similar civil lawsuit against Musk in January, during the waning days of the Biden administration. That lawsuit is still pending — last month, the agency and Musk agreed to give the billionaire more time to respond to the SEC's allegations.
Reuters
37 minutes ago
- Reuters
'SPAC King' Palihapitiya makes a comeback with new blank-check IPO
Aug 19 (Reuters) - Chamath Palihapitiya, dubbed Wall Street's "SPAC king" for his high-profile blank-check deals, is set to take his latest special purpose acquisition vehicle public, marking his return to the market after several years. American Exceptionalism Acquisition Corp, chaired by the venture investor who became the face of the original SPAC mania, is looking to raise up to $250 million in an initial public offering, a filing showed late on Monday. "I believe the biggest gains in the future will come from companies that are involved in fixing the fundamental risks that come from our interconnected global order while reinforcing American exceptionalism," Palihapitiya wrote in a letter to investors. A SPAC is a shell firm that raises money through an IPO to merge with a private business and take it public, offering companies an alternative route to the market that bypasses the longer and more costly traditional IPO process. American Exceptionalism will target companies in AI, energy, decentralized finance, and defense - the sectors currently attracting the largest shares of venture funding. The broader SPAC market has experienced renewed momentum in recent months. In August alone, 17 blank-check companies have filed for IPOs, surpassing July's total of 12, according to SPAC Research. Separately on Tuesday, Betsy Cohen, another industry veteran, filed for a new blank-check company targeting a merger with a bitcoin-focused crypto startup. Under Brandon Lutnick - the son of U.S. Commerce Secretary Howard Lutnick - financial services giant Cantor Fitzgerald has also leaned on such deals this year. SPAC mergers hit record levels in 2020 and 2021, with several Wall Street heavyweights - including billionaire investors Bill Ackman and Michael Klein - betting on them as the next big trend in listings. However, activity slowed sharply in subsequent years as regulatory scrutiny increased and investors soured on the once-popular vehicle. Many SPACs failed to secure targets, while others completed deals with heavy redemptions or saw shares plunge after debut.
