Ackman: Allergan Rules For Shareholder Meetings Too Onerous
Allergan Inc, trying to fend off a hostile takeover bid from Valeant Pharmaceuticals International Inc, has stacked the odds against a special shareholders meeting. Pershing Square Capital Management, which is led by Bill Ackman, is attempting to muster at least 25 percent support of Allergan shares to hold a special meeting that could replace most of the Botox anti-wrinkle injection maker’s board, which has refused to negotiate with Valeant. In a webcast for investors, Ackman said Allergan’s rules for special meetings were designed to stop them from occurring. Ackman added that shareholders must hold their stock through the date of the special meeting for them to count.
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