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Wednesday, August 6, 2014

Shareholder adviser ISS backs Ackman call for Allergan meeting, (NYSE: AGN), (NYSE: VRX), (TSE: VRX.TO)

Institutional Shareholder Services (ISS) is backing activist investor Bill Ackman's call for a special meeting of Allergan Inc investors that could topple the Botox-maker's board and increase the chances of a takeover by Valeant Pharmaceuticals International. ISS' recommendation on Wednesday follows a similar view from shareholder advisory firm Glass Lewis on Monday, giving Ackman's Pershing Square Capital Management momentum as the hedge fund tries to muster support for the meeting. ISS is the largest proxy adviser for institutional investors.Pershing, Allergan's biggest investor with a 9.7 percent stake, needs to garner shareholder support representing 25 percent of the California company, best known for its Botox anti-wrinkle injections. Pershing wants to replace most of Allergan's board, which has refused to negotiate with Laval, Quebec-based Valeant.In a report, ISS said "there appear to be significant governance issues which could be addressed" in a special meeting.Allergan said the advisory firms were merely stating that shareholders should have the right to call a special 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 fell by 1.13% or $-1.79/share to $156.75. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 3000330 shares of AGN exchange hands on a given day and today's volume is recorded at 2573684.

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 fell by 0.12% or $-0.13/share to $110.53. In the past year, the shares have traded as low as $95.28 and as high as $153.10. On average, 3291790 shares of VRX exchange hands on a given day and today's volume is recorded at 3347186.

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 fell by 0.62% or $-0.75/share to $120.69. In the past year, the shares have traded as low as $99.41 and as high as $170.45. On average, 346352 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 381153.



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