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

Tuesday, September 16, 2014

Allergan reaches truce with suitors on special shareholder meeting, (NYSE: AGN)

Allergan Inc and its suitors Pershing Square Capital Management and Valeant Pharmaceuticals Inc settled their pending litigation before the Delaware Court of Chancery and agreed to hold a special shareholder meeting on the originally scheduled date, Dec. 18.Billionaire William Ackman's Pershing Square and Canada's Valeant sued the maker of Botox anti-wrinkle treatment last month, alleging that Allergan was trying to avoid a special meeting to give it time to find an alternative deal. Allergan subsequently set the meeting for Dec. 18.Pershing Square, Allergan's largest shareholder with a 9.72 percent stake, and Valeant made a hostile offer for Allergan in April. Since then, Allergan has been fighting for investor support for its own stand-alone plan that includes cost cuts and making an acquisition of its own.To force the company to the table, Ackman has been pushing for a special meeting where he hopes to replace most board members with his own nominees, who he expects will be more receptive to Valeant's bid.

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 0.41% or $-0.69/share to $168.56. In the past year, the shares have traded as low as $87.88 and as high as $174.49. On average, 1988080 shares of AGN exchange hands on a given day and today's volume is recorded at 1049364.