 Paulson & Co. Inc. was established by its founder and President, John Paulson, in 1994.Paulson has invested in a number of undervalued companies that are acquisition targets, aiming to increase the bid price on these companies as a large shareholder.In 1997, Paulson, which owned a 6.2% stake in Washington National Corp., opposed PennCorp Financial Group Inc.'s $400 million deal to takeover Washington National, calling the terms of the deal "inadequate".