About Us  |   Contact Us  |   Register  | Login  |   

Follow HedgeWorld on Twitter HedgeWorld on LinkedIn






HEDGEWORLD NEWS
Search the News
News Archive
HedgeWorld News by Region
United States / Americas
Europe
Asia / Australia
International
HedgeWorld News Sections
Managed Futures & Derivatives
Daily News
Regulatory/Legal
Strategies/Analysis
Technology
Opinion
People
Indexes
Other News Features
Most Popular
Reuters Headlines
Alternative Advantage Daily Newsletter
RSS Service
Sign Up For Email News Alerts
Reprints

Allergan, facing shareholder demands, calls special meeting for Dec. 18
By Reuters
Tuesday, August 26, 2014 Email this story  |  News Tracker  |  Reprints  |  Printable Version

LAVAL, Quebec (Reuters)—Allergan Inc. said on Tuesday [Aug. 26] that it has scheduled a special shareholders meeting for Dec. 18, when activist investor William Ackman, who supports a hostile bid for the company by Valeant Pharmaceuticals Inc., will attempt to oust most of its board.

Although Allergan set a date for the meeting, it said in a Delaware court filing that it will review the validity of the shareholder requests for the meeting on Sept. 4.

California-based Allergan, the maker of Botox anti-wrinkle skin injections, is trying to fend off a $49 billion hostile takeover by Canada's Valeant. Ackman's Pershing Square Capital Management, Allergan's biggest shareholder, hopes to see a revamped Allergan board that would be willing to negotiate with Valeant.

Ackman said on Friday [Aug. 22] that investors holding 31 percent of Allergan shares had asked for the meeting. Pershing Square said it also filed a lawsuit in Delaware to require Allergan to schedule the meeting, anticipating that the company would likely fight doing so.

At least 25 percent of shareholder support is necessary under Allergan's bylaws to call the meeting.

By Rod Nickel


Send This Story to a Friend | Order Reprints Online
Send Feedback to the Editors | Receive News Alerts by Email
Display Printable Version of This Story

Story Copyright © 1999-2014 Reuters HedgeWorld All rights reserved.






Lipper    Privacy   User Policy  Legal Disclosure Copyright/DMCA  Site Map    FAQ    Glossary  Thomson Reuters for Hedge Funds
All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of HedgeWorld content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. HedgeWorld is a registered trademark of Thomson Reuters.