Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, August 13, 2014

Ackman says he remains committed to Valeant's bid for Allergan, (NYSE: AGN)

Billionaire investor William Ackman is digging in on getting a hostile takeover bid for Botox maker Allergan Inc. done.As the company's biggest investor, the hedge fund manager told clients on Wednesday that his firm, Pershing Square Capital Management, "will continue to focus on getting a transaction completed and maximizing the value of our investment."In his most extensive comments in weeks on Valeant Pharmaceuticals' $48.7 billion hostile bid for Allergan, Ackman suggested he and other Allergan shareholders will be successful in forcing the company to call a special meeting. He hopes to replace the bulk of directors with new board members who will be willing to accept Valeant's bid, first made April 22.Last week two prominent proxy advisory firms suggested that Allergan shareholders side with Ackman in calling for a special meeting. "Their support is a good leading indicator of the probability of success of our efforts," Ackman wrote.

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 1.44% or $2.2/share to $155.24. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 2913110 shares of AGN exchange hands on a given day and today's volume is recorded at 1194504.