Allergan Inc. (NYSE:AGN) received written requests from its shareholders who are calling for a special meeting in regards to Valeant Pharmaceutical International Inc.’s intent to acquire Allergan.
“The Allergan board of directors continues to believe that Valeant’s unsolicited exchange offer is grossly inadequate and substantially undervalues Allergan,” the company said in a statement. “In considering whether to submit written requests, stockholders were asked to evaluate if they wanted the opportunity to vote on the offer at a later date; not to evaluate the merits of the offer itself. In fact, many stockholders have explicitly conveyed their view that the requests are not an endorsement of Valeant’s offer.”
It has been since April this year when Valeant and Pershing Square joined forces to acquire Allergan but their offer was repeatedly rejected.
Leading this call was Pershing Square Capital Management’s founder and Allergan’s shareholder, William Ackman. Pershing Square owns the largest share in Allergan Inc.(NYSE:AGN) with 9.7% at stake. The prospective meeting was supported by 1500 pages of forms which show that the special meeting is supported by 31% of Allergan’s shareholders, to which in precise number, 35 of Allergan’s shareholders. Additionally, Pershing Square also stated that they would deliver additional requests in the upcoming weeks.
William Ackman says;
“As per its own interpretation of bylaws, Allergan is now required to call the meeting no later than December 20, 2014.”
Allergan Inc. (NYSE:AGN) is a healthcare company focus on manufacturing as well as commercializing medical devices, biologics, pharmaceutical and OTC products.
This article has been written by Vergielyn Cubol.