More than 30 percent of Allergan shareholders have asked to call a special meeting of the company’s board, as the Botox maker continues to defend itself against a hostile takeover by Valeant Pharmaceuticals and Pershing Square Capital Management, according to people briefed on the matter. Pershing Square, owner of nearly 10 percent of Allergan shares, has led the charge to call the special meeting, at which Allergan shareholders could vote to replace a majority of the board, paving the way for a deal. On Friday, Pershing Square and Valeant are expected to delivered the requests to Allergan, a mountain of documents more than 1,500 pages. Allergan’s bylaws require that those shareholders calling the meeting have held the stock for two years, an unusual provision that means it is mostly big institutional investors — not hedge funds riding the takeover talks — who will have called for the meeting. Pershing Square said 35 shareholders called for a meeting, and that it would deliver additional requests in the weeks to come. The delivery of the requests doesn’t mean a meeting is imminent, however. Allergan has 120 days to call a meeting, and could contest the trading history of some of those casting votes. Nonetheless, a meeting could occur this calendar year, potentially putting an end in sight for one of the year’s nastiest, longest-running hostile battles. Separately, Valeant and Pershing Square filed a lawsuit in Delaware court, seeking confirmation that they complied with Allergan’s bylaws in organizing the meeting requests, and compelling Allergan to hold a meeting. The delivery of the requests adds to the pressure already being applied to Allergan. On Thursday, a California judge declined to expedite an insider trading case the company filed against Valeant and Pershing Square, a move that might have delayed a special meeting. Allergan did not immediately reply to requests for comment.
I think that was the NY Times article. Business Wire reports that the paperwork (1500 pages) has been received by Allergan. Pershing Square CEO Bill Ackman, commented: “The degree of support received is remarkable in light of the extraordinarily burdensome requirements that shareholders have had to meet to deliver their consents. No special meeting has ever been called with shareholders being required to comply with such onerous procedural and informational requirements. Unfortunately, we were not able to accommodate all shareholders who wished to support the calling of the meeting as many were unable to comply with the requirements.” Mike Pearson, Chairman and CEO, of Valeant Pharmaceuticals said: “We remain firmly committed to pursuing a merger of Valeant and Allergan and are greatly appreciative of the shareholder support received to call the meeting. We look forward to the opportunity to negotiate a transaction which is in the best interest of both companies.”
mikey and assman are not telling that overwhelmingly of those 30 % have not consented to vote on their behalf and have not supported current valeant terms
But they will vote out your board and replace them with those who will get better terms. Get a clue, fancy pants.
The current board will approve the purchase of another company before any special meeting can be held. AGN is not only going to dodge this bullet, they're going to see Valeant go down in flames, too.
Not likely. Not at all likely. Hasn't happened yet because they can't make a good deal. Can't just by any PoS Co. Not saying it's impossible but I'd bet against it.
Why would allergan have jumped the gun on this yet!? Everything is going in their favor. I would not do this until right before Q3 earnings if I were them there are always deals to be made - ask Pearson. Salic has left their stock price up $18 because either it's true and it's done, it's on hold until proxies are in (dormant), or they're trying to lure allergan back in versus buying someone else Otherwise no way a company does make a clarifying public statement. Sorry, this is far from over.
