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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!