Pershing Square Capital Management, led by activist investor William Ackman, and Allergan Inc have agreed that calling a special meeting will not trigger Allergan's so-called "poison pill" measure, settling a lawsuit, the companies said on Friday. Pershing Square and Valeant Pharmaceuticals International are pursuing Allergan in a $53 billion hostile deal. Pershing Square has nearly a 10 percent stake in Allergan and if its stake passes 10 percent, Allergan's shareholder rights plan goes into effect and dilutes existing shareholders.Pershing Square had filed in Delaware earlier this month seeking confirmation that soliciting proxies to call a meeting and replace board members would not trigger the pill. Allergan requires 25 percent of shareholders to call a special meeting.Pershing Square said in a statement that the agreement will allow it to begin soliciting proxies "soon".
Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN traded higher by 0.92% or $1.57/share to $172.12. In the past year, the shares have traded as low as $82.56 and as high as $172.48. On average, 4590520 shares of AGN exchange hands on a given day and today's volume is recorded at 1134997.
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 1.85% or $2.34/share to $128.84. In the past year, the shares have traded as low as $84.93 and as high as $153.10. On average, 3707770 shares of VRX exchange hands on a given day and today's volume is recorded at 1742076.
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 1.69% or $2.29/share to $137.58. In the past year, the shares have traded as low as $89.35 and as high as $170.45. On average, 396864 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 141307.
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