Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Allergan Inc. (AGN) Settles Lawsuit with Pershing Square, Valeant Pharmaceuticals Intl Inc (VRX); Agrees on Calling Special Shareholders Meeting

Pershing Square, managed by Bill Ackman and Valeant Pharmaceuticals Intl Inc (NYSE:VRX) have entered into an agreement with Allergan Inc. (NYSE:AGN) to settle pending litigation before the Delaware Court of Chancery. In a new filing with the U.S. Securities and Exchange Commission, Pershing Square disclosed that Allergan Inc. (NYSE:AGN) has agreed to unconditionally call a special meeting of shareholders.

Bill Ackman in crowd

Allergan Inc. (NYSE:AGN) will hold a special meeting of its shareholders on December 18, 2014. Shareholders of record at the close of business on October 30, 2014, will be entitled to vote at the meeting.

Shareholders who submitted special meeting requests will not be required to provide updated information to the company in advance of the meeting, according to a statement Pershing Square revealed in its filing.

At the special meeting, Allergan Inc. (NYSE:AGN) shareholders will have the opportunity to voice their support for a number of critical matters, including the removal of six incumbent members of the company’s board, the appointment of an independent slate of directors, amendments to the company’s bylaws to eliminate onerous restrictions on the calling of a special meeting, a request that Allergan Inc. (NYSE:AGN) engage in negotiations with Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and Pershing Square, and certain other actions to improve corporate governance of the company, Pershing Square states in the filing.

Pershing Square has delivered requests calling for a special meeting from 51 institutions representing 35.68% of the outstanding common stock of Allergan Inc. (NYSE:AGN). Pershing Square owns 28.88 million Allergan Inc. (NYSE:AGN) shares, which represents approximately 9.7% of the company’s common stock.

Further, Pershing Square states that Allergan Inc. (NYSE:AGN) has the right to continue to pursue existing litigation in federal court in California but will no longer seek the invalidation of any special meeting requests or otherwise seek to postpone or cancel the special meeting.

On August 26, Allergan Inc. (NYSE:AGN) announced that it asked the United States District Court for the Central District of California to set an expedited schedule for discovery and a motion for a preliminary injunction against Valeant Pharmaceuticals Intl Inc (NYSE:VRX), Pershing Square, and William A. Ackman for violations of the federal securities laws.

Both Pershing Square and Valeant Pharmaceuticals Intl Inc (NYSE:VRX) believe that Allergan Inc. (NYSE:AGN)’s claims and request for relief in the California litigation are entirely without merit and will ultimately be rejected.

Recently, Pershing Square disclosed in regularly filing that it has sent another letter to the management of Allergan, Inc. (NYSE:AGN), pushing the company’s sale to Valeant Pharmaceuticals Intl Inc (VRX). The hedge fund requested the Allergan, Inc. (NYSE:AGN) management to reconsider their stance and act for the benefit of the company’s shareholders.

Disclosure: none

Warren Buffett and BillionairesFree Report: Warren Buffett and 12 Billionaires Are Crazy About These 7 Stocks

Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW for all the details.

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

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 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!