NEW YORK ( TheStreet) -- Coca-Cola's ( KO) move to buy bottler Coca-Cola Enterprises ( CCE) (CCE) was questioned by some investors, but the action of Coke's share since then indicates that someone out there is feeling bullish about the move. The most notable bull? Coca-Cola director Herbert Allen, who through his investment company Allen & Co., has purchased 152,080 shares of Coke for about $52.95 a share on March 1, according to Barron's. That's about $8.1 million worth of Coke stock. Allen made the move while Coke shares were experiencing downward pressure from the acquisition announcement. After the move, Allen had in possession about 9 million shares of the company, or less than 1% of Coke's outstanding shares, according to Barron's. Some in the investment community would consider this a hopeful sign that Coke's decision could pay off in the long-run, despite all the doubt surrounding the deal, and that Allen was wise to buy while share prices were still under pressure. On Feb. 25, Coke announced that it was buying CCE's North American bottling business for more than $12 billion. Meanwhile, CCE had agreed in principle to buy Coke's bottling operations in Norway and Sweden and to obtain the right to buy its German bottler. "The deal should help fix Coke's North American business in the long term, but it slows its growth profile with higher exposure to North America," J.P. Morgan analyst John Faucher wrote in a note to investors. Rival Pepsi ( PEP), meanwhile, announced the completion of mergers with bottlers Pepsi Bottling Group and PepsiAmericas on Feb. 26, which many believe helped set off the recent chain of events at Coke.