Billionaire William Ackman has signed up Allergan investors who combined own at least 35 percent of the company 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 the Botox maker.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 nearly 10 percent stake, alleging that the investor improperly built up his holding as he prepared to make a bid with Valeant.
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 0.5% or $0.6/share to $120.48. 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 926572.
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 1.41% or $1.85/share to $132.97. 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 183471.
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