Valeant, Allergan Continue to Battle Over Valeant’s Bid to Acquire Allergan
As part of its ongoing efforts to acquire the specialty pharmaceutical company, Allergan Inc., Valeant Pharmaceuticals International Inc. reports that the United States District Court for the Central District of California has held that Pershing Square Capital Management, L.P, Valeant Pharmaceuticals International, Inc., and and related parties may vote shares of Allergan Inc. or proxies at the upcoming December 18 shareholder meeting.
Allergan had previously scheduled a special shareholder meeting on December 18, 2014 to vote on a proposal to consider replacing members of its board of directors. The push to call a meeting was led by Pershing Square Capital Management, which built a stake in Allergan, and which is seeking to have an unsolicited takeover bid by Valeant bid be taken. In June 2014, Valeant made an unsolicited approximate $53-billion bid to acquire Allergan following rejection by Allergan of earlier acquisition proposals by Valeant. Valeant had offered $72 in cash and 0.83 Valeant common shares for each share of Allergan stock.
Source: Valeant Pharmaceuticals