A federal judge on Tuesday cleared the way for Pershing Square Capital Management and Valeant Pharmaceuticals International Inc to vote at an Allergan Inc shareholder meeting where they are seeking to remove six of nine Allergan board members as part of a hostile takeover attempt.The decision was part of an insider trading suit filed by Botox maker Allergan to block activist investor William Ackman from voting his nearly 10 percent stake in the company at the meeting scheduled for Dec. 18.Ackman, who runs Pershing Square, and Valeant have gathered investors representing an additional 25 percent of Allergan shares in order to call the special meeting. They want to use the proxy battle as a platform to force Allergan to open talks about a deal.The companies offered in April to purchase Allergan in a cash-and-stock bid now worth almost $55 billion, but Allergan has staunchly refused the offer, saying it is not good for shareholders.
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 traded higher by 0.69% or $1.34/share to $194.48. In the past year, the shares have traded as low as $88.34 and as high as $193.63. On average, 2357400 shares of AGN exchange hands on a given day and today's volume is recorded at 2673753.
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 $0.89/share to $133.74. 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 2271647.
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 1.01% or $1.53/share to $152.43. 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 331887.
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