CNBC‘s David Faber delivered the news that Allergan, Inc. (NYSE:AGN) is going to have a special shareholders’ meeting on December 18th. This comes along with the news that another 2.8%, making a total of 33.8%, of the company’s shareholders have sent their consent regarding the assembly.
The health care company is expected to approve the meeting in the next couple of days, provided that paperwork related to assents has been properly done and no mistakes or errors have been made. So far, Allergan, Inc. (NYSE:AGN) is not expected to be extremely picky while strolling through the documentation, due to more important issues being able to affect the company. In particular, the allegations and of insider trading by Bill Ackman and Valeant Pharmaceuticals Intl Inc (NYSE:VRX) are to be one particular point of interest for the shareholder’s meeting.
“It does appear that we’ve got about three more months to run here, in which, of course, we’ll continue to have a great deal of questions being raised by Allergan about Valeant’s strategy, its organic growth rate. You’re going to get another earnings report from Valeant and, importantly, we’re going to continue to listen and see whether Allergan decides to pursue an acquisition,” stated David Faber.
Despite many rumors, nothing is actually imminent regarding the case. It is not even proven that Mr. Ackman engaged in insider trading.
Earlier this summer Allergan, Inc. (NYSE:AGN) rejected a takeover proposal from Valeant Pharmaceuticals Intl Inc (NYSE:VRX) of about $53 billion. Mr. Ackman, whose fund, Pershing Square Capital Management LP, owns 9.4% of Allergan tried everything to sweeten the proposal and finish the transaction. But, Allergan, Inc. (NYSE:AGN) argued that the offer substantially undervalued its price and presented major risks and uncertainties to shareholders. Ackman’s final interest seems to be a big stake in Valeant Pharmaceuticals Intl Inc (NYSE:VRX), it ultimately made the billionaire to favor so energetically the acquisition, however, there’s a lot to be done for his master plan to actually work.