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Tuesday, August 26, 2014

Facing shareholder demands, Allergan calls special meeting for Dec. 18, (NYSE: AGN)

Allergan Inc said on Tuesday that it has scheduled a special shareholders meeting for Dec. 18, when activist investor Bill Ackman, who supports a hostile bid for the company by Valeant Pharmaceuticals Inc, will attempt to oust most of its board.Although Allergan set a date for the meeting, it said in a Delaware court filing that it will review the validity of the shareholder requests for the meeting on Sept. 4.The company said later in the evening, that it had asked the U.S. District Court for the Central District of California to set an expedited schedule for an injunction that will bar Valeant, Ackman and his hedge fund firm from excercising rights associated with any shares that were acquired unlawfully."Such an order would prevent Valeant, Pershing Square, and Mr. Ackman from voting their shares in any special meeting," Allergan said in a statement.

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 0.34% or $0.56/share to $163.97. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 2748930 shares of AGN exchange hands on a given day and today's volume is recorded at 1339528.