Activist investor William Ackman said on Monday that Allergan Inc's chief executive has a "disabling" conflict of interest because accepting a takeover by Valeant Pharmaceuticals International likely means he would lose his job.Ackman and Valeant launched a $47 billion takeover of the company on April 22, but so far Allergan has rejected the advances. Chief Executive Officer David Pyott is urging shareholders to let the company stand alone.Allergan, which makes Botox, was not immediately available for comment.Ackman, who owns nearly 10 percent of Allergan, made the comments in a May 19 letter to the lead Allergan director. He also said Allergan's board of directors needed to open up direct communication with shareholders by creating a subcommittee of directors.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX fell by 0.36% or $-0.46/share to $126.30. In the past year, the shares have traded as low as $73.25 and as high as $153.10. On average, 2823370 shares of VRX exchange hands on a given day and today's volume is recorded at 222823.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 1.88% or $2.54/share to $137.62. In the past year, the shares have traded as low as $75.75 and as high as $170.45. On average, 392173 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 595247.
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