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Pershing Square gets permission to turn Allergan options into shares

    ALLERGAN
    240,22+1,21%
    BOSTON (Reuters) - Hedge fund manager William Ackman's $13.6 billion Pershing Square Capital Management has received permission from the U.S. Federal Trade Commission to turn Allergan Inc options into shares, a source familiar with the matter said on Friday.

    Ackman is working with Valeant Pharmaceuticals International Inc to buy the Botox maker. Two weeks ago, Pershing Square said in a U.S. regulatory filing that it had acquired a nearly 10 percent stake in ALLERGAN (AGN.NY) using call options and forward contracts to help build its position.

    (Reporting by Svea Herbst-Bayliss; Editing by Lisa Von Ahn)

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