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Pershing Square seeks to oust Allergan directors
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Pershing Square Capital Management has requested a special meeting in an effort to oust a majority of the members of Allergan’s board of directors, according to an Allergan press release.
During the meeting, Allergan stockholders would be asked to remove a majority of the company’s existing directors with ties to Valeant Pharmaceuticals and Pershing Square’s previous unsolicited proposal to acquire all outstanding shares of the company and request the appointment of new directors, according to the release.
Allergan has issued the following response to the meeting request:
“Allergan urges all of its stockholders to refrain from taking any action, including returning any proxy card sent by co-bidders Pershing Square and Valeant, until they have reviewed the recommendation of Allergan’s Board of Directors. Under federal securities laws, Pershing Square and Valeant cannot solicit proxies from Allergan stockholders until Pershing Square and Valeant provide stockholders with definitive proxy solicitation materials.”
Allergan’s board will review and consider the latest proposal from Valeant to acquire Allergan, according to the release.