Big pharma, M&A, Pharma

Valeant plans for a hostile takeover of Allergan

Posted on 03 June 2014

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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.

Previous News: Valeant Bids for Merger with Allergan

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