Allergan Inc. (AGN) Will Not Succeed in Delaying Stockholders’ Special Meeting: Pershing Square and Valeant Pharmaceuticals Intl Inc (VRX) Response

In a new filing with the U.S. Securities and Exchange Commission, Pershing Square, managed by Bill Ackman, has disclosed its and Valeant Pharmaceuticals Intl Inc (NYSE:VRX) response to a recent announcement by Allergan Inc. (NYSE:AGN) regarding special meeting of stockholders and its court request to block Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and Pershing Square from voting shares acquired in violation of insider trading laws.

PERSHING SQUARE

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.

Allergan Inc. (NYSE:AGN) planned to seek an order preventing Valeant Pharmaceuticals Intl Inc (NYSE:VRX), Pershing Square, Mr. Ackman, and other entities affiliated with them from exercising any rights or benefits associated with Allergan Inc. (NYSE:AGN) shares that have been acquired unlawfully as the company claimed. Such an order would prevent Valeant Pharmaceuticals Intl Inc (NYSE:VRX), Pershing Square, Mr. Ackman from voting their shares in any special meeting.

In addition, Allergan Inc. (NYSE:AGN) said it will hold a special meeting of stockholders on December 18, 2014. The company has established an October 27, 2014, record date for stockholders entitled to vote at the special meeting. The company’s stockholders would be asked, among other things, to remove a majority of the company’s existing directors in connection with Valeant Pharmaceuticals Intl Inc’s (NYSE:VRX) unsolicited exchange offer to acquire all outstanding common shares of Allergan Inc. (NYSE:AGN) for 0.83 shares of Valeant Pharmaceuticals Intl Inc’s (NYSE:VRX) common stock and $72.00 in cash, or subject to proration, an amount of cash or a number of Valeant Pharmaceuticals Intl Inc’s (NYSE:VRX) common shares with the implied value set forth in the exchange offer.

In response, Pershing Square and Valeant Pharmaceuticals Intl Inc (NYSE:VRX) stated that “we are confident that Allergan’s desperate attempts to delay or prevent a special meeting of stockholders will not succeed, and that the special meeting will be held not later than December 18. It is apparent that Allergan fears letting its stockholders have a voice, and we believe that its transparent efforts to prevent that will not stand.”

In its recent 13F filing, Pershing Square reported ownership of 28.88 million shares of Allergan Inc. (NYSE:AGN).

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
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!