Allergan Inc, trying to fend off a hostile takeover bid from Valeant Pharmaceuticals International Inc, has stacked the odds against a special shareholders meeting, its biggest investor said on Thursday. 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.The company limits special meetings to a small window during a given year and requires a high percentage of stockholders to call for one, Ackman said. Shareholders must hold their stock through the date of the special meeting for them to count, he added.The rules are "the most onerous special meeting provisions of any public company in the United States," Ackman said.
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 0.41% or $0.68/share to $166.43. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 4143340 shares of AGN exchange hands on a given day and today's volume is recorded at 261464.
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 0.72% or $0.88/share to $122.59. In the past year, the shares have traded as low as $89.76 and as high as $153.10. On average, 3480610 shares of VRX exchange hands on a given day and today's volume is recorded at 746086.
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 0.84% or $1.1/share to $131.88. In the past year, the shares have traded as low as $92.42 and as high as $170.45. On average, 357319 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 48155.
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