Ackman's silly letter to Allergan. LOL

Discussion in 'Valeant Pharmaceuticals' started by Anonymous, May 19, 2014 at 10:52 AM.

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  1. Anonymous

    Anonymous Guest

    As reported in NY Times:

    William A. Ackman, the activist investor who is trying to bring two drug companies together in a merger, is reaching into his customary toolbox to apply pressure to his target.

    Mr. Ackman, the head of Pershing Square Capital Management, sent a letter on Monday to the lead director of Allergan, the maker of Botox, accusing the company’s chairman of a conflict of interest. Pershing Square has teamed up with Valeant Pharmaceuticals to make an unsolicited $50 billion bid for Allergan, which the company has rejected.

    In his letter, Mr. Ackman said that Allergan’s chairman, David E. I. Pyott, had a conflict because of his additional role as chief executive.

    “He will lose his leadership role at the company and likely his job as a result of the transaction,” Mr. Ackman said in a letter. “As such, he cannot independently represent the company in considering the Valeant merger.”

    A spokesman for Allergan said in a statement that “nothing has changed” since the board concluded last week that the Valeant bid “substantially undervalued Allergan, created significant risks and uncertainties for the stockholders of Allergan, and was not in the best interests of the company and its stockholders.”

    The spokesman added that because Mr. Ackman is “a co-bidder with Valeant,” the company believed his “views and interests are not aligned with those of other Allergan stockholders.”

    Valeant said last week that it intended to raise its offer for Allergan. It plans to disclose additional details on May 28.

    As he has done in past campaigns, on Monday Mr. Ackman pointedly criticized Allergan’s leadership. He said that he had tried to speak with the lead director, Michael R. Gallagher, without management present, but that the company would only arrange a phone call that included Mr. Pyott and another executive.

    In the letter, Mr. Ackman urged the independent directors of Allergan to retain independent counsel and advisers to consider the Valeant offer.

    Mr. Ackman pointed to his record of replacing directors who refused to bend to his will, highlighting his success at Canadian Pacific Railway in 2012.

    “The directors of C.P. who were summarily dismissed by shareholders were all well-qualified and honorable individuals,” Mr. Ackman said, “but they made the mistake of allowing a conflicted chairman to represent the board in all of its interactions with Pershing Square and other shareholders.”
     

  2. Anonymous

    Anonymous Guest

    Allergan shareholders might win in this deal. Everyone else will likely lose big time.

    But even to the shareholders you have to ask what is the price for uncertainty. Without the Valeant bid Allergan is a stable high growth company. A really good short and long term investment.

    With Valeant's bid there is all kinds of uncertainty. Debt, new business model, layoffs, gov't oversight, worth of Valeant stock (short and long term) as payment vs payment in cash etc. Even a genius in finances is likely to be completely confused by all of the funky bookkeeping and projections described by this deal.

    Why take the risk. Just go with what you know is working. Allergan is a good company and a good investment.

    The best investment strategy-- If it ain't broke don't mess with it.
     
  3. Anonymous

    Anonymous Guest

    Ackman's an self serving A-hole! F U Ackman!
     
  4. Anonymous

    Anonymous Guest

    Do work for allergan?Afraid you might not have a job cause your a slacker?
     
  5. Anonymous

    Anonymous Guest

    Allergan (AGN) disclosed in a filing that on May 19, Mr. Michael R. Gallagher, lead independent director of the Board of Directors of Allergan, sent a letter to William Ackman of Pershing Square Capital Management which said: "We confirm receipt of your letter which has been distributed to the entire Allergan Board of Directors . The Board of Directors is well aware of its fiduciary duties to all stockholders and is being well-advised by its independent advisors. That being said, we strongly disagree with your statements and tactics including your blatant attempt to isolate David Pyott, who has created enormous value for the Allergan stockholders and who is keenly focused on the best interests of all stockholders. The entire Board of Directors, including David Pyott, is open to all options that will significantly enhance the long-term value of Allergan for all stockholders." Also disclosed in the filing was a letter from Allergan CEO David Pyott to all Allergan employees which said in part: " Our growth plan details an outlook for double digit sales growth and compound annual growth of Earnings per Share of 20% for the coming years up to 2019. Given our long term track record of delivering on our objectives, we have credibility with most investors and they responded favorably to our plan...From the conversations with investors, it was also apparent that many share our belief, as well as that of our advisors and industry experts, that Valeant’s (VRX) business model with low organic sales growth, serial acquisitions and cutting of R&D, sales and marketing, and overheads is not sustainable. Given that the Valeant proposal includes a substantial amount of Valeant stock in exchange for acquiring Allergan, this is a serious concern for the Allergan Board of Directors, who have a duty to protect the interests of all Allergan stockholders."



    Never will Valeant buy Allergan! Never!
     
  6. Anonymous

    Anonymous Guest

    He's the Billion Dollar Baby!
     
  7. Anonymous

    Anonymous Guest

    Who parades around NYC with his socialite wife acting like the great benevolent philanthropist. All the while it is SO self serving. The little Wolf of Wall Street himself.
     
  8. Anonymous

    Anonymous Guest

    Your grammar and logic are impeccable. Clearly the only reason someone might be cut loose from his job in an acquisition is because they weren't working hard enough.

    If you have something useful to contribute, do so. What's the point of making ad hominem attacks at some anonymous poster you know nothing about?
     
  9. Anonymous

    Anonymous Guest

    Get ready. Another temper tantrum's coming! haha
     
  10. Anonymous

    Anonymous Guest

    Does Ackman like Twinkies??????????
     
  11. Anonymous

    Anonymous Guest

    Oral sex?
     
  12. Anonymous

    Anonymous Guest

    He is my idol
     
  13. Anonymous

    Anonymous Guest

    Giving.
     
  14. Anonymous

    Anonymous Guest

    Catching not pitching
     
  15. Anonymous

    Anonymous Guest

    69
     
  16. Anonymous

    Anonymous Guest

    He's smart but vicious
     
  17. Anonymous

    Anonymous Guest

    let's talk when the vote count is in
     
  18. Anonymous

    Anonymous Guest

    Ackman not looking too far off the mark now
     
  19. Anonymous

    Anonymous Guest

    Really?! . . . He said he would have over 25% by June, he's two months late . . . .without his questionable shares they still don't have 25% . . . . Stop watching CNBC they cheer this idiot on for ratings. 99% of what comes out of his mouth is either a lie or a blatant misrepresentation of the truth.