Activist investor Bill Ackman urged Botox maker Allergan Inc to negotiate a possible takeover by Valeant Pharmaceuticals Inc and not delay a special shareholder meeting that could overturn most of Allergan's board. Ackman's Pershing Square Capital Management hedge fund, Allergan's largest shareholder with a 9.7 percent stake, is attempting to gain support of shareholders owning 25 percent of Allergan to call a special meeting, during which it would seek to remove six directors.Allergan can delay the meeting until as late as November."We, on behalf of Allergan's other shareholders, ask that you do not delay the inevitable any further," Ackman wrote in a letter to Allergan's board, released on Wednesday. "What legitimate board of directors attempts to silence or otherwise delay hearing what its own shareholders have to say?"Ackman also called Allergan's criticism of Valeant a "scorched earth response" and said spreading false information to drive down Valeant's stock would be market manipulation.
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 0.15% or $0.24/share to $164.62. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 4177590 shares of AGN exchange hands on a given day and today's volume is recorded at 313860.
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