---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-123366"
form_type: "8-K"
ticker: "BHC"
cik: "0000885590"
company_name: "Bausch Health Companies Inc."
filed_at: "2025-05-21T23:59:59+00:00"
generated_at: "2026-05-20T23:25:02.068966+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Bausch Health enters standstill-like pacts with Icahn, Paulson, Kavanagh limiting activism

## Summary
- Icahn Group, John Paulson, and Sarah Kavanagh each signed letter agreements with Bausch Health on May 20, 2025.
- If a group engages in a 'Specified Action' (proxy contest, solicitation, >19.99% stake), members must resign from both BHC and B+L boards.
- BHC agrees to vote its B+L shares in favor of each group's designee if nominated to B+L board and to offer new committee seats.
- Icahn Group irrevocably waives right to designate replacement directors under B+L DANA upon resignation.
- Agreements terminate upon a director's resignation from BHC board, with some provisions surviving until next B+L annual meeting.

## SEC filing metadata
- accession: 0001193125-25-123366
- form_type: 8-K
- ticker: BHC
- cik: 0000885590
- company_name: Bausch Health Companies Inc.
- filed_at: 2025-05-21T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/885590/000119312525123366/0001193125-25-123366-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885590/000119312525123366/d933207d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-123366
- JSON: https://secwatch.observer/filing/0001193125-25-123366.json
- Plain text: https://secwatch.observer/filing/0001193125-25-123366.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.