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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Allergan plc | NYSE:AGN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 193.02 | 0 | 01:00:00 |
By Juliet Chung and David Benoit
ValueAct Capital Management LP plans to raise up to $1.5 billion in new funds, joining a group of activist investors who are gearing up to target a fresh crop of companies next year.
The roughly $15 billion San Francisco hedge-fund firm, which hasn't raised new money in several years, wants investors to agree to keep their cash with the firm for three to five years, according to existing and potential clients.
ValueAct could use the funds to increase the size of existing stakes in companies, but it also has some new ideas, according to a person familiar with the firm. Investors said ValueAct hasn't told them what new companies it may target.
The hedge fund seeks to add long-term value to companies, working behind the scenes with management rather than seeking to fight publicly like many activists.
ValueAct would join Third Point LLC and Trian Fund Management LP in seeking fresh funds. Activist investors, who typically buy stakes in companies and agitate for strategic or financial changes, have raised billions of dollars this year as they seek to take advantage of their increasing clout in boardrooms. Activist funds had more than $112 billion in assets as of the end of September, up from $93 billion at the start of the year, according to research firm HFR.
Founded by former Fidelity stock picker Jeffrey Ubben, ValueAct garnered attention last year when it secured a board seat at Microsoft Corp. despite holding less than 1% of the stock, marking the first time the software giant appointed an activist shareholder to its board.
ValueAct has long been active in Valeant Pharmaceuticals International Inc., which had joined with activist William Ackman this year in an unsuccessful hostile takeover bid for Allergan Inc.
ValueAct's Valeant stake, a big position for the fund, has contributed to the firm's midteen returns after fees this year through November, according to a person familiar with the firm, as has its Microsoft investment. Microsoft and Valeant are up 31% and 23% for the period, respectively.
In October, ValueAct disclosed it had built a 5.7% stake in Canadian fertilizer company Agrium Inc. The company said at the time it had been meeting with the activist and expected ValueAct to be a long-term holder.
Write to Juliet Chung at juliet.chung@wsj.com and David Benoit at david.benoit@wsj.com
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