Allergan (AGN): Valeant Pharmaceuticals (VRX), Ackman Plan To Request Shareholders Meeting

Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and Bill Ackman’s Pershing Square Capital Management will today comply with one of Allergan, Inc. (NYSE:AGN)’s demands to submit at least 25% of outstanding shareholders support a special meeting that they seek, sources told CNBC‘s David Faber reported. He said that Valeant and Pershing Square will likely submit more than 30% of shareholders in support of their bid to purchase Allergan.

Bill Ackman in crowd

“[...] Valeant will request a special meeting of Allergan shareholder and will have done so by presenting more than 25% required under the company’s bylaws,” stated Faber.

Allergan, Inc. (NYSE:AGN) is fighting off attempts by Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and Pershing Square to purchase it. It ran to the court to frustrate such efforts but failed to have it its way and now it appears as though attempts to stop a special meeting of its shareholders are failing. Valeant and Pershing Square have put forward $49 billion offer to acquire the Allergan. However, the board of directors of Allergan is strongly opposed to such moves. Pershing Square holds about 10% equity stake in Allergan.

The special meeting sought by Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and Pershing Square would help them make changes to the board of directors of Allergan, Inc. (NYSE:AGN), mostly likely by voting out the directors. The meeting will also allow the opening of talks about a deal.

“What happens from here gets a little bit more complicated. If you recall we mentioned a number of times the hurdles that Allergan has put in front of the ability to call that special meeting, you need to present, for example, two years worth of trading history [...],” said Faber.

He also stated that even if the call for a special meeting goes through as it is likely to, Allergan, Inc. (NYSE:AGN) may still make demands that further put more hurdles in the way of a deal. For example, he said Allergan may use the 120 days period for a deal to be sealed to ask Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and Pershing Square for much more, even in terms of paper work.

Disclosure: none

Dividend Stock Alert - Billionaire Robbins' Top Dividend Idea With 70% Upside Potential

Get Paid 3.5% Per Year While Waiting For The Stock Appreciate 70%

Larry Robbins' Glenview Capital Opportunity Fund returned 101.7% in 2013 and Robbins personally made $750 million. The same fund returned 25.3% in 2014. In this FREE REPORT we will share Robbins' top dividend idea that yields 3.5% and has been increasing its dividends for 39 consecutive years. Robbins thinks the stock has the potential to appreciate 70%.

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Click here to Read Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 74 percentage points in 2.5 years. Our beta is only 1.2 (download a FREE newsletter and see the details inside)

Lists

Best Selling Magazines in the World

Shortest People in History

The Most Celebrated Holidays in the World

Most Expensive Handbag Brands in the World

Top Selling Comic Book Issues of this Century

The Most Powerful Women in Politics

Best Paid DJs

Most Rebellious Female Artists

Best Paid TV Actresses of 2014

Best Paid Actors of 2014

Most Expensive Horses in the World

Tallest People Ever

Most Encouraging Feminist Celebrities

Best Paid Supermodels of 2014

Top 10 Suburbs for Retirement in 2015

10 Wealthiest Cities in America

Top 10 TED Talks for Entrepreneurs

Best TED Talks on Education

25 Most Dangerous Places to Live in America

Top 10 Ski Resorts in the United States – 2014 List

Top 10 Most Remote Places in the World

Most Visited Museums in the United States

Wealthiest Photographers in the World

Most Famous Gay Athletes

The World’s Most Famous Circuses

Best Hair Stylists

Most Popular NASCAR Drivers

The Best Romance Movies of all Time

The Most Wanted Drug Lords

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!