Allergan, Facing Shareholder Demands, Calls Special Meeting For December 18
Allergan Inc said on Tuesday that it has scheduled a special shareholders meeting for Dec. 18, when activist investor Bill Ackman, who supports a hostile bid for the company by Valeant Pharmaceuticals Inc, will attempt to oust most of its board. Although Allergan set a date for the meeting, it said in a Delaware court filing that it will review the validity of the shareholder requests for the meeting on Sept. 4. California-based Allergan, the maker of Botox anti-wrinkle skin injections, is trying to fend off a $49 billion hostile takeover by Canada’s Valeant. Ackman’s Pershing Square Capital Management, Allergan’s biggest shareholder, hopes to see a revamped Allergan board that would be willing to negotiate with Valeant.
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