Bausch Health Announces Increase in Shareholding by its Chairperson of the Board and Board Changes
Bausch Health (NYSE:BHC) announced significant changes in its shareholding structure and board composition. Paulson Capital Inc. and its affiliates have acquired 34,721,118 common shares previously held by Carl C. Icahn's group, increasing their beneficial ownership to approximately 19.13% of the company's outstanding shares.
Following this transaction, the Director Appointment and Nomination Agreement with the Icahn Group has terminated, leading to the resignation of Brett M. Icahn and Steven D. Miller from the Board of Directors. John A. Paulson, Chairperson of the Bausch Health Board, expressed confidence in the company's value and its efforts to maximize shareholder value.
Bausch Health (NYSE:BHC) ha annunciato modifiche rilevanti nella composizione degli azionisti e del consiglio di amministrazione. Paulson Capital Inc. e le sue affiliate hanno acquisito 34.721.118 azioni ordinarie precedentemente detenute dal gruppo di Carl C. Icahn, portando la loro partecipazione a circa il 19,13% del capitale sociale in circolazione.
Con questa operazione, l'Accordo di Nomina e Designazione dei Direttori con il gruppo Icahn 猫 venuto a cessare, determinando le dimissioni di Brett M. Icahn e Steven D. Miller dal consiglio di amministrazione. John A. Paulson, presidente del consiglio di Bausch Health, ha espresso fiducia nel valore dell'azienda e nelle iniziative volte a massimizzare il valore per gli azionisti.
Bausch Health (NYSE:BHC) anunci贸 cambios importantes en su estructura accionarial y en la composici贸n de su junta. Paulson Capital Inc. y sus afiliadas han adquirido 34.721.118 acciones ordinarias que anteriormente pertenec铆an al grupo de Carl C. Icahn, elevando su participaci贸n beneficiosa a aproximadamente el 19,13% del capital social en circulaci贸n.
Tras esta transacci贸n, el Acuerdo de Nombramiento y Designaci贸n de Directores con el Grupo Icahn ha finalizado, lo que ha provocado la renuncia de Brett M. Icahn y Steven D. Miller al Consejo de Administraci贸n. John A. Paulson, presidente del consejo de Bausch Health, manifest贸 confianza en el valor de la compa帽铆a y en los esfuerzos por maximizar el valor para los accionistas.
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Bausch Health (NYSE:BHC) a annonc茅 des changements significatifs dans sa structure actionnariale et la composition de son conseil d'administration. Paulson Capital Inc. et ses affili茅s ont acquis 34 721 118 actions ordinaires pr茅c茅demment d茅tenues par le groupe de Carl C. Icahn, portant leur participation b茅n茅ficiaire 脿 environ 19,13% des actions en circulation.
脌 la suite de cette op茅ration, l'accord de nomination et de d茅signation des administrateurs avec le groupe Icahn a pris fin, entra卯nant la d茅mission de Brett M. Icahn et Steven D. Miller du conseil d'administration. John A. Paulson, pr茅sident du conseil de Bausch Health, a exprim茅 sa confiance dans la valeur de l'entreprise et dans les efforts visant 脿 maximiser la valeur pour les actionnaires.
Bausch Health (NYSE:BHC) hat wesentliche 脛nderungen in seiner Aktion盲rsstruktur und der Zusammensetzung des Vorstands bekanntgegeben. Paulson Capital Inc. und seine verbundenen Unternehmen haben 34.721.118 Stammaktien erworben, die zuvor der Gruppe von Carl C. Icahn geh枚rten, und erh枚hen damit ihren wirtschaftlichen Anteil auf etwa 19,13% der ausstehenden Aktien.
Infolge dieser Transaktion ist die Vereinbarung 眉ber Direktorenbenennung und -nominierung mit der Icahn-Gruppe beendet worden, was zum R眉cktritt von Brett M. Icahn und Steven D. Miller aus dem Vorstand gef眉hrt hat. John A. Paulson, Vorsitzender des Bausch Health-Vorstands, zeigte sich zuversichtlich in Bezug auf den Wert des Unternehmens und die Bestrebungen, den Aktion盲rswert zu maximieren.
- Paulson Capital increased stake to significant 19.13% ownership, showing strong investor confidence
- Board Chairman's explicit statement of confidence in company's value and business prospects
- Clean transition in share ownership without requiring company involvement in agreements
- Loss of two board members following Icahn Group's exit
- Termination of the Director Appointment and Nomination Agreement with Icahn Group
Insights
Paulson's increased stake to 19.13% signals strong confidence while Icahn's exit and board resignations mark a significant ownership shift.
The acquisition of Icahn Group's 34.7 million shares by Paulson Capital represents a significant ownership consolidation in Bausch Health. With Paulson now holding approximately
The termination of the Director Appointment and Nomination Agreement with Icahn Group and subsequent resignation of Brett Icahn and Steven Miller from the Board creates an immediate governance restructuring. This change likely signals a shift in board dynamics and potentially in strategic priorities moving forward. The timing suggests this was triggered specifically by Icahn's ownership falling below contractual thresholds rather than performance concerns.
Particularly notable is that John Paulson serves as Chairperson while simultaneously increasing his economic stake through affiliated entities. His statement expressing confidence in "the Company's efforts to maximize shareholder value" and excitement about prospects for both Bausch Health and its subsidiary Bausch + Lomb suggests strategic continuity despite the ownership changes. The language indicates potential catalysts for value creation are already underway, though no specific initiatives are detailed.
The transaction structure - acquiring a "net long position" rather than a simple share purchase - suggests potential use of derivatives or complex financial instruments in the transaction between these sophisticated investors.
This ownership consolidation by Paulson Capital appears to be a strategic vote of confidence in Bausch Health's prospects. The increase to a
Meanwhile, Icahn's complete exit indicates a divergence in investment thesis between these prominent investors. While no explicit reason for Icahn's divestment was provided, the timing suggests potential disagreement about Bausch's direction or simply portfolio reallocation priorities.
The coinciding board changes create a potential inflection point in corporate governance. With Icahn's representatives departing, the board composition will likely shift to better align with Paulson's vision and investment thesis. The press release carefully notes that "the Company is not a party to any agreement or arrangement" regarding these transactions, clarifying this was negotiated between the investors directly rather than involving a company-initiated share repurchase.
Paulson's specific mention of "underlying business prospects" for both Bausch Health and its Bausch + Lomb subsidiary suggests continued support for the current corporate structure rather than pushing for immediate separation or divestiture of business units. His mention of "maximizing shareholder value" indicates a focus on operational improvements and potential strategic initiatives rather than immediate financial engineering.
LAVAL, QC / / August 15, 2025 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) ("Bausch Health" or the "Company") today announced that Paulson Capital Inc. and certain affiliates and managed funds have increased their ownership of the Company's common shares.
The increase reflects the acquisition by Paulson Capital Inc. and certain affiliates and managed funds of the net long position of 34,721,118 common shares previously held by Mr. Carl C. Icahn and his affiliates (collectively, "Icahn Group"). The Company is not a party to any agreement or arrangement with Paulson Capital Inc. or its affiliates or the Icahn Group in connection with these transactions. Based on information provided to the Company, Paulson Capital Inc. and certain affiliates and managed funds beneficially owns approximately
The Company further announced that the Director Appointment and Nomination Agreement, dated as of February 23, 2021, between the Company and Icahn Group, terminated pursuant to its terms when the Icahn Group's net long position in the Company's shares fell below the specified threshold. In connection with the termination, Brett M. Icahn and Steven D. Miller have resigned from the Board of Directors (the "Board").
"I believe there is significant value in Bausch Health and am confident in the Company's efforts to maximize shareholder value. I am excited about the underlying business prospects in both Bausch Health and its subsidiary, Bausch + Lomb Corporation," John A. Paulson, Chairperson of the Bausch Health Board, said. "I also want to thank Brett and Steven for their dedication and valuable contributions to the Company."
About Bausch Health
Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC), is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neurology, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. For more information about Bausch Health, visit and connect with us on
Forward-looking Statements
This news release may contain forward-looking statements within the meaning of applicable securities laws, including the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by the use of the words "will," "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "subject to" and variations or similar expressions. These statements are neither historical facts nor assurances of future performance, are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Actual results are subject to other risks and uncertainties that relate more broadly to Bausch Health's overall business, including those more fully described in Bausch Health's most recent annual and quarterly reports and detailed from time to time in Bausch Health's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to update any of these forward-looking statements to reflect events, information or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.
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SOURCE: Bausch Health Companies Inc.
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FAQ
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