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

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top Businesses to Invest In

Top 5 Things You Might Be Doing Wrong With Your Business

Top 5 Strategic Technology Trends in 2014

Top Rags to Riches Stories

Parenting Behavior That Promotes Future Leaders

Top 5 Mistakes Made by Small Businesses

Top 5 Most Common and Potentially Devastating Financial Blunders

Top 5 Highest Paying Jobs for Web Designers

Top 6 Most Respected Professions that Also Pay Well

Top 5 Pitfalls Investors Should Avoid

Top 6 Lawyers and Policy Makers Under 30

Top 6 New Year’s Resolutions for Entrepreneurs

Top 7 Locations to Check in on Facebook

Top 5 Mistakes made by Rookie eBay Sellers

Top 7 eBook Publishers in 2013

Top 6 Health Industry Trends in 2014

5 Lessons for Entrepreneurs from Seth Godin

Top 5 Success Tips from Jordan Belfort – the Wolf of Wall Street

Best Master’s in Finance Degree Programs

Top 6 Earning Celebrities Over 50

The most expensive sports to play

Top 7 Earning Celebrities Under 25

Best 7 Online Courses to Take: Free Finance MOOCs

Top 6 Bad Habits that Promote Failure

20 Most Valuable Soccer Teams in the World in 2013

12 Most Expensive Countries for Foreign Students

Top 30 Most Influential Women in the World

Top 20 Most Expensive New Year Eve Shows

Top 5 Best Vocational Careers

Top 10 Jobs for 2014 by Salary Gain (Predictions)

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 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!