William Ackman's Pershing Square Capital Management said it had filed a lawsuit seeking confirmation that a requested special shareholder meeting of Allergan Inc's shareholders would not trigger Allergan's poison pill takeover defence. The Botox maker has rejected a $53 billion joint offer from Ackman and Canadian drugmaker Valeant Pharmaceuticals International .Allergan said in April that its board had adopted a one-year shareholder rights plan to give it more time to consider takeover proposals.Allergan's shareholder rights plan will trigger if a person or group acquires 10 percent or more of its shares.The lawsuit filed in Delaware Court of Chancery followed a request to Allergan from Pershing Square on June 6 seeking confirmation that Allergan would not use its poison pill to impede Ackman's request for a special meeting.
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 3.54% or $-4.43/share to $120.75. In the past year, the shares have traded as low as $81.94 and as high as $153.10. On average, 3378190 shares of VRX exchange hands on a given day and today's volume is recorded at 6213629.
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 3.66% or $-4.98/share to $131.12. In the past year, the shares have traded as low as $83.39 and as high as $170.45. On average, 379248 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 510618.
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