Valeant, Pershing Square call for special meeting with Allergan shareholders

Nathan Andrada – Fourth Estate Cooperative Contributor

New York, NY, United States (4E) – Activist investor William Ackman and Valeant Pharmaceuticals International Inc. have taken a new step in their takeover bid for Allergan Inc., as they called for a special meeting with their target’s shareholders.

Representatives of Valeant and Ackman’s Pershing Square delivered on Friday evening in Allergan’s Irvine, Calif. head office some 1,500 pages of forms that show that their bid is being supported by nearly 31 percent of Allergan’s shares for their request for a special meeting, according to a statement and sources with knowledge of the matter.

Since April, Valeant has partnered with Pershing Square to acquire Allergan, which has repeatedly rejected their offers, rebuffed calls to enter into talks and filed a legal action in federal court alleging that both firms violated insider-trading regulations, which Valeant and Pershing have both denied.

Meanwhile, the Wall Street Journal reported this week that Allergan may also make its own acquisition and has approached Salix Pharmaceuticals Ltd. about a possible deal.

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