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Friday, August 22, 2014

Ackman, other Allergan shareholders submit paperwork for meeting, (NYSE: AGN)

Hedge fund manager William Ackman said on Friday that a total of 35 shareholders who own 31 percent of Allergan Inc.' s stock have called on the Botox maker to call a special meeting. Ackman, whose Pershing Square Capital Management owns nearly 10 percent of Allergan's stock, has been working with Valeant Pharmaceuticals to try and purchase Allergan in a deal valued at $49 billion.Allergan required shareholders owning 25 percent of its shares to submit paperwork. Pershing Square also sued the company in Delaware to compel it to call the meeting.

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 0.72% or $1.18/share to $165.56. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 2819880 shares of AGN exchange hands on a given day and today's volume is recorded at 1558929.