Yahoo Finance

Bausch, which last week adopted a poison-pill plan to prevent any unsolicited takeover bid, said Tuesday it has learned Icahn and affiliates have amassed an economic interest covering about 34% of its outstanding shares. News of the position buoyed the company’s shares, which jumped 12% on the New York Stock Exchange in premarket trading. In an update to its proxy statement ahead of a May 13 meeting of shareholders, Laval, Quebec-based Bausch said Icahn had entered into cash-settled equity-swap agreements covering 90.7 million of its shares, equal to a stake of just under 25%.