"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."
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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.