Valeant Pharmaceuticals and Pershing Square plan to approach the shareholders of Allergan for a hostile takeover.
Valeant Pharmaceuticals 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 percent 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 Aug. 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.
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