This guy made more than $600m in one day

Pic Cash

Money goes to money.

Carl Icahn, the billionaire investor, made more than $600m on Tuesday, after Dublin-based pharmaceuticals giant Actavis agreed to buy rival Forest Laboratories for $25bn.

The Daily Telegraph reports that Icahn, who is Forest’s second largest shareholder with an 11.3% stake in the company, has spent years agitating the business to make a deal, and appears finally to have got his way after securing a seat on its board last summer.

Actavis offered Forest $89.48 a share in a mixture of cash and stock, marking a 25% premium on the company’s closing price on Friday – the last day of active trading in New York.

Shares in Forest jumped more than 30pc to a high of $97.51 on the news, swelling the value of Mr Icahn’s stake by $613m, amid speculation that Activis’ interest in the company could flush out a rival offer. Analysts had been expecting pharmaceuticals behemoth AstraZeneca to make a bid, before Actavis tabled its offer. Shares in the latter company rose 8pc to $207 in morning trading in New York on Tuesday.

Investors in Forest stand in line for a major payout regardless of whether there is a bidding war, however.

'This is a huge win for all shareholders of Forest Labs and yet another validation of the activist investment philosophy in general,' Icahn said in a statement.

To access the complete Daily Telegraph article hit the link below:

Carl Icahn makes $600m after Actavis buys Forest Laboratories for $25bn

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