Seth Klarman's Baupost Group is poised for almost a $100M loss on its Allergan (AGN +27%) stake based on AbbVie's (ABBV -14.4%) $188.24 per share bid. Baupost owns 4.8M common shares at a cost basis of $208.61 according to Bloomberg data. Mr. Klarman initiated his position in Q1 2016 when AGN was close to a merger with Pfizer (PFE +0.4%).
Activist investor Appaloosa, owner of ~3.1M AGN shares at a cost basis of $160.61, is set for a tidy profit of ~$86M.
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