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Breaking News from CNBC’s David Faber: Bill Ackman Dissolves Valeant Position – Sources

WHEN: Today, Monday, March 13th

WHERE: CNBC's "Closing Bell"

Following is the unofficial transcript of breaking news from CNBC's David Faber on CNBC's "Closing Bell" (M-F, 3PM-5PM ET) today, Monday, March 13th. Following is a link to the story on CNBC.com: http://www.cnbc.com/2017/03/13/ackman-has-sold-out-of-valeant-will-step-down-from-board-sources.html.

All references must be sourced to CNBC.

DAVID FABER: SOME NEWS INVOLVING MR ACKMAN AND A POSITION THAT HIS PERSHING SQUARE HAS HELD FOR SOME TIME THAT HAS BROUGHT HIM NO SHORTAGE OF PAIN NAMELY VALEANT. WE CAN CONFIRM THAT MR. ACKMAN IS NO LONGER A SHAREHOLDER OF VALEANT PHARMACEUTICAL A COMPANY OF WHICH HE OWNED A VERY LARGE STAKE THAT WAS AT ONE POINT WORTH A GREAT DEAL OF MONEY. IT WAS ONE OF PERSHING SQUARE'S LARGER HOLDINGS. GIVEN THE INCREDIBLE DECLINE IN THE SHARES, DOWN SOME 90 PLUS PERCENT OVER LET'S CALL IT THE LAST YEAR OR SO, IT NOW REPRESENTED ROUGHLY A $300 MILLION POSITION AND IT HAS BEEN SOLD, 27.2 MILLION SHARES. SOURCES IN THE MARKET TELL ME WERE DISPATCHED BELIEVE PERHAPS THAT HE WAS OFFERED AROUND 11 ALTHOUGH THAT'S NOT COMPLETELY CLEAR. THE STOCK IS BEING REOFFERED BETWEEN 11.10 AND 11.40 AT THIS POINT. JEFFRIES IS IN THE MIDDLE OF THIS DEAL. YOU MAY REMEMBER SOME TIME BACK CARL ICAHN HAS SAID THAT HE THOUGHT ACKMAN WAS TRYING TO SELL A STOCK BUT IT DIDN'T ACTUALLY END UP HAPPENING. THIS TIME IT HAS HAPPENED. AS I SAID IT, IT ENDS WHAT HAS BEEN A LONG AND LARGELY SAD CHAPTER FOR MR. ACKMAN. REMEMBER, OF COURSE, HE CAME INTO VALEANT AS A RESULT OF HIS PARTNERSHIP WITH THE COMPANY IN ITS BID TO BUY ALLERGEN. HE BOUGHT A GREAT DEAL OF ALLERGEN STOCK AS PART OF THE GROUP ASSOCIATED WITH VALEANT. THEN THEY FAILED ULTIMATELY TO SUCCEED IN ACQUIRING ALLERGEN WHICH WAS EVENTUALLY BOUGHT BY ACTIVISTS AND MERGED WITH THAT COMPANY OF COURSE TO BECOME CURRENTLY WHAT IS STILL ALLERGEN. WHAT DID MR. ACKMAN DO? WELL, HE ACTUALLY TURNED AROUND AND BOUGHT A VERY SIGNIFICANT STAKE IN VALEANT, BECAME VERY MUCH INVOLVED IN THAT COMPANY WITH ITS FORMER CEO AND VERY MUCH INVOLVED IN THE RESTRUCTURING OF THE COMPANY. WENT ON THE BOARD OF WHICH HE'S NOW GOING TO BE STEPPING OFF. WAS INVOLVED IN THE HIRING OF JOE POPPA, THE COMPANY'S CURRENT CEO, AND THIS CHAPTER HAS NOW COME TO AN END, KELLY, FOR MR. ACKMAN. HE RECEIVED A GREAT DEAL OF ATTENTION ABOUT IT. ONE MIGHT IMAGINE IT MIGHT BE TAKING UP A GOOD DEAL OF HIS TIME. AS A PERCENTAGE OF PERSHIING'S OVERALL ASSETS GIVEN THE FALL IN THE STOCK PRICE, THIS WAS NOT A SIGNIFICANT OR MEANINGFUL POSITION ANY LONGER, AT LEAST MONETARILY.

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