Bausch Health (BHC) said Tuesday that billionaire Carl Icahn has a total economic exposure of roughly 34% to the company's common shares.
In a supplement to its April 2 proxy filing, the company said Icahn disclosed he has long economic exposure to an additional 90.7 million shares pursuant to cash-settled equity swap agreements that don't give him voting or dispositive power with respect to such shares.
Such shares translate to an additional exposure of about 24.6%, based on the roughly 369.5 million shares outstanding on March 14, as per the April 2 proxy filing.
In that filing, it was disclosed that Icahn had beneficial ownership of about 34.7 million shares, or a 9.4% stake.
Bausch Health shares rose 8% in recent Tuesday trading.
Price: 5.11, Change: +0.39, Percent Change: +8.16
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