Allergan provides update on written requests for special stockholders' meeting

Allergan has provided an update concerning the validity of stockholders’ written requests for a special stockholders’ meeting, the company announced in a press release.

The requests were delivered by Pershing Square Capital Management, which is attempting to complete a merger between Allergan and Valeant Pharmaceuticals.

Allergan and its independent inspector conducted a review showing that Pershing Square delivered requests that conformed to Allergan’s by-laws from stockholders owning more than 25% of Allergan’s shares. The review did not address additional requests from stockholders owning 2.8% of Allergan’s shares that were delivered on Sept. 3, according to the release.

A special meeting of Allergan stockholders is scheduled for Dec. 18. Stockholders who have requested the meeting must update and supplement the information previously provided to Allergan to show ongoing compliance as of the record date and 10 business days before the meeting. Allergan will announce additional details regarding the special meeting at a future date.

Goldman, Sachs & Co. and Bank of America Merrill Lynch are serving as financial advisors to Allergan. Latham & Watkins; Richards, Layton & Finger, P.A. and Wachtell, Lipton, Rosen & Katz are serving as Allergan’s legal counsel.

In April, Valeant proposed to acquire all outstanding Allergan shares for a combination of 0.83 shares of Valeant common stock and $48.40 in cash per share. Allergan rejected the offer and two subsequent merger proposals.

On Aug. 1, Allergan filed a lawsuit in the U.S. District Court against Valeant and William A. Ackman, principal of Pershing Square, citing violations of federal securities laws prohibiting insider trading, engagement in fraudulent practices and failure to disclose legally required information.