ValueAct's Ubben says firm will not seek new term on Valeant board

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ValueAct's Ubben says firm will not seek new term on Valeant board

By Nadia Damouni NEW YORK (Reuters) - Hedge fund manager Jeffrey Ubben, whose firm ValueAct sits on the board of Valeant Pharmaceuticals, said on Tuesday that the hedge fund will not seek reelection on the board in order to devote its time on Microsoft Corp's board. Ubben, ValueAct's chief investment officer and chief executive officer, said that he thinks the proposed tie up between Valeant and Allergan, which is being pushed by fellow activist hedge fund manager William Ackman, is the right thing for both companies.

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