Valeant Pharmaceuticals Inc on Monday prepared to take its $53.8-billion takeover bid for Allergan Inc directly to the Botox maker's shareholders, and ally Pershing Square called for a meeting to turn over the target company's board.
Pershing Square Chief Executive Officer Bill Ackman, whose hedge fund owns 9.7 per cent of Allergan, said in a conference call with Valeant CEO Mike Pearson that he had requested a special meeting that could take place as early as August 7. Allergan could also delay the meeting, where Pershing intends to replace a majority or more of the company's directors, to as late as November, Ackman said.
Pershing Square Chief Executive Officer Bill Ackman, whose hedge fund owns 9.7 per cent of Allergan, said in a conference call with Valeant CEO Mike Pearson that he had requested a special meeting that could take place as early as August 7. Allergan could also delay the meeting, where Pershing intends to replace a majority or more of the company's directors, to as late as November, Ackman said.