Ackman Launches Allergan Proxy Fight Amid $53B Buyout Play

Law360, New York (June 2, 2014, 12:25 PM EDT) -- Activist investor Bill Ackman on Monday outlined plans to oust a majority of directors at Allergan Inc., his latest move to push the Botox maker into negotiations over a proposed $53.3 billion cash-and-stock merger with Valeant Pharmaceuticals International Inc.

With a securities filing, Ackman's Pershing Square Capital Management LP set in motion a process to convene a special meeting of Allergan shareholders who, through a vote, could unseat six of the California company's nine board members, possibly paving a smoother path for Valeant's takeover.

Pershing is Allergan's largest shareholder with a 9.7 percent stake. Monday's play confirms earlier indications that Valeant...

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