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Ackman’s Pershing Square seeks to replace Allergan directors in Valeant fight
Original Publication Date: June 1, 2014 11:17PM
Publication Updated: January 8, 2025 11:03PM
MONTREAL – Pershing Square Capital Management LP is seeking to replace a majority of directors at Allergan Inc. at a special meeting of shareholders.
The move is part of a plan to back a proposed takeover of the Botox maker by Quebec-based Valeant Pharmaceuticals International Inc. (TSX:VRX).
The investment firm headed by Bill Ackman is the largest shareholder at California-based Allergan with a 9.7 per cent stake in the company and has agreed to accept less for its shares than other shareholders in an effort to see the Valeant deal done.
On Friday, Valeant raised its stock-and-cash offer to about US$180 per share, valuing Allergan at more than US$54 billion.
Allergan has said it would carefully review the revised offer and pursue what it thought was the best interests of the company and all of its shareholders.
The company has repeatedly raised concerns about Valeant’s business model and stock value and questioned its ability to find the $2.7 billion in cost savings it has promised if the deal is successful.
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