In Section 21.7, we described how Valeant and its ally, Pershing Square, lost the battle to acquire Allergan. Sometimes, the losers in a takeover battle can also win if they own a toehold stake in the target's stock. Between April and June 2014, Pershing acquired a 9.7% stake in Allergan at an estimated average price of $128 a share. In November, Actavis offered $219 per share for each of Allergan's 299 million shares. What was Pershing's profit on its holding?