secwatch.observer — SEC 8-K summary
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Issuer:     Bausch Health Companies Inc. (BHC)
CIK:        0000885590
Form:       8-K
Filed at:   2025-05-21T23:59:59+00:00
Accession:  0001193125-25-123366
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885590/000119312525123366/0001193125-25-123366-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885590/000119312525123366/d933207d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-123366

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