Billionaire William Ackman has signed up Allergan investors who combined own at least 35 percent of the Botox maker to call a special shareholder meeting, according to people familiar with the matter, giving the hedge fund manager a victory in his fight to acquire Allergan.Ackman, whose Pershing Square Capital Management is Allergan's largest shareholder with a 9.7 percent stake, has teamed up with Canada's Valeant Pharmaceuticals International Inc to pursue a hostile takeover bid for Allergan.Ackman and other Allergan shareholders who own a combined 31 percent already asked the company last month to call a special meeting, at which he and Valeant hope to elect new board members and open discussions on a deal.But crossing the 35 percent mark would mark an important step because Allergan is trying to prevent Ackman from voting his 9.7 percent stake, alleging that the investor had non-public information when he acquired the shares.
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 traded higher by 0.13% or $0.16/share to $120.04. In the past year, the shares have traded as low as $98.61 and as high as $153.10. On average, 2711840 shares of VRX exchange hands on a given day and today's volume is recorded at 652891.
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 traded higher by 0.76% or $0.99/share to $132.11. In the past year, the shares have traded as low as $101.93 and as high as $170.45. On average, 344962 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 148428.
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