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Ackman and Valeant plot 'not fair': Gabelli

"It's not fair." That's how billionaire value investor Mario Gabelli describes the unique partnership of activist investor Bill Ackman and Valeant Pharmaceuticals to try to buy Allergan.

"What Ackman did, it's kind of a tactic that needs more exposure so that it doesn't happen again," The Gabelli Funds boss said Friday on CNBC's "Squawk Box."

While it's unfair, it's not illegal, added Gabelli, who's among the Warren Buffett-faithful in Omaha, Nebraska, for Berkshire Hathaway's annual meeting Saturday.

Read MoreAckman's 'hugely important' move draws scrutiny

The way the $46 billion offer for the Botox maker was put together was not front running, Ackman told CNBC last week. He's founder of the Pershing Square Capital Management hedge fund, which has $13 billion in assets under management.

—By CNBC's Matthew J. Belvedere.