Pershing Square Capital Management and Valeant Pharmaceuticals International may be able to vote at a special meeting of Allergan shareholders in which they are seeking to remove 6 of 9 Allergan board members, a California court said on Tuesday, ruling partly for and partly against each side. The decision was part of an insider trading suit filed by Botox maker Allergan that sought to block activist investor William Ackman from voting his nearly 10 percent stake in the company at the meeting, scheduled for Dec. 18.The court said that Pershing Square and Valeant must disclose details about their joint takeover offer and the insider trading suit filed by Allergan against the companies.The ruling enjoins the firm from voting based on their current disclosure statement, but provides them a road to taking part in the vote by making the proposed "corrective" disclosures and submitting them to the court for review.
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 0.3% or $0.4/share to $133.25. In the past year, the shares have traded as low as $102.93 and as high as $153.10. On average, 2712530 shares of VRX exchange hands on a given day and today's volume is recorded at 1833233.
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 0.67% or $1.01/share to $151.91. In the past year, the shares have traded as low as $107.74 and as high as $170.45. On average, 482856 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 276739.
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