Shares of Bausch Health Companies Inc.
BHC,
rallied 5.8% in premarket trading Friday, putting them on track for a 10th straight gain, after billionaire activist investor Carl Icahn disclosed that he had a acquired 27.8 million share, or 7.83% stake, in the pharmaceuticals and medical devices company. That’s enough to make Icahn the company’s largest shareholder, according to FactSet data. In the 13D filing late Thursday, Icahn said he believed the shares were “undervalued,” and that he plans to “engage in discussions” with management and board members to find ways to enhance shareholder value. He said the discussions could include possible board representation, and could potentially include proposals of “other transactions.” The filing shows that Icahn’s funds started acquiring the shares in December, in the open market and through forward contracts. The stock, which closed Thursday at an 13-month high, has run up 18.1% over the past nine sessions. It was up 5.5% over the past 12 months, while the S&P 500
SPX,
has gained 15.9%.