Paulson Capital increases Bausch Health stake to 19% after Icahn exit

Paulson Capital Inc. and affiliated entities increased their ownership in Bausch Health Companies Inc. (NYSE: BHC) (TSX: BHC) to approximately 19.13% of outstanding common shares after acquiring the position previously held by Carl C. Icahn and his affiliates.

The transaction involved Paulson Capital acquiring the net long position of 34,721,118 common shares from the Icahn Group. Bausch Health stated it was not a party to any agreement between Paulson Capital and the Icahn Group regarding these transactions.

The shareholding change triggered the termination of a Director Appointment and Nomination Agreement dated February 23, 2021, between Bausch Health and the Icahn Group. The agreement ended when Icahn's net long position fell below a specified threshold.

Following the agreement's termination, Brett M. Icahn and Steven D. Miller resigned from Bausch Health's Board of Directors. John A. Paulson serves as Chairperson of the Board.

"I believe there is significant value in Bausch Health and am confident in the Company's efforts to maximize shareholder value," Paulson said in a statement. "I am excited about the underlying business prospects in both Bausch Health and its subsidiary, Bausch + Lomb Corporation."

Bausch Health is a pharmaceutical company that develops, manufactures and markets products in gastroenterology, hepatology, neurology, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health through its controlling interest in Bausch + Lomb Corporation.

The information was disclosed in a company press release.

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