Sep 16, 2014 6:35 AM
Allergan agrees to move forward with meeting
The Associated Press
NEW YORK (AP) Allergan and Pershing Square are agreeing on at least one step toward settling a fight over the makeup of the Botox-maker's board.
Allergan will hold special shareholders meeting, as Pershing Square and its partner, Valeant Pharmaceuticals, continue their push for control of the drugmaker.
At a meeting on Dec. 18, shareholders of Allergan Inc. will be given the opportunity to vote out most of the company's directors, which could give Bill Ackman's Pershing Square Capital Management LP and Valeant Pharmaceuticals International Inc. their chance at a takeover. Valeant has made several offers to buy Allergan, the latest amounting to about $53 billion.
Allergan has rejected all of those bids.
Allergan was already expected to hold its special meeting on that date, but pending litigation may have delayed it.