Wednesday, March 4th4.1°C
25405
22746

Pershing files documents for special meeting aimed at ousting Allergan directors

NEW YORK, N.Y. - Pershing Square Capital Management has formally asked Allergan shareholders to support its bid for a special meeting to remove six directors and allow Valeant to proceed with its hostile takeover bid.

The activist investment firm controls a 9.7 per cent stake in Allergan and has said in the past it hoped to call a meeting after teaming up with Valeant Pharmaceuticals (TSX:VRX) in its takeover attempt.

Pershing has now filed documents with the U.S. Securities and Exchange Commission asking shareholders to back the meeting. Investors holding at least 25 per cent of Allergan's shares need to support the call for a special meeting for one to be held.

In the filing, Pershing argues that shareholders see substantial value in Valeant’s revised proposal, but says Allergan's board has refused to engage with Valeant "in any way" when it comes to the merger and has made it difficult to gather the required support through company bylaws that it claims are too onerous.

Valeant says it "fully supports" Pershing Square's efforts to call the meeting because it would give shareholders the right forum to express their views on the offer.

Allergan has repeatedly refused to meet with Valeant to discuss its more than US$50-billion stock-and-cash bid, arguing the US$72 in cash and 0.83 of a Valeant share for each Allergan share undervalues the company and creates significant risks and uncertainties for its shareholders.

In a statement Monday, Allergan called the meting request "a further attempt by co-bidders Pershing Square and Valeant to acquire Allergan at a grossly inadequate price that substantially undervalues the company."

"Today’s announcement also fails to address the serious concerns raised by Allergan and important members of the investment community about Valeant’s anemic organic growth driven by unsustainable price increases, among other fundamental business model issues,” the company said.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15082.84-51.01
S&P CDNX698.09-4.21
DJIA18096.90-106.47
Nasdaq4967.142-12.76
S&P 5002098.53-9.25
CDN Dollar0.80480.00
Gold1198.00-6.00
Oil53.28+0.05
Lumber287.30-3.40
Natural Gas2.782+0.013

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.010.00
QHR Technologies Inc1.55-0.05
Cantex0.035-0.005
Anavex Life Sciences0.18+0.005
Metalex Ventures0.04-0.005
Russel Metals24.95-0.26
Copper Mountain Mining1.24-0.01
Colorado Resources0.13-0.005
ReliaBrand Inc0.0065-0.0015
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.225+0.01

 





FEATURED Property
22163923320 Centennial Dr
1 bedrooms 1 baths
$127,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


Refinance your mortgage?

Canadian Mortgage rates are low and could be dropping down in time for the spring market following a drop in the Bank of Canada Rate on January 21 by 1/4% which will save new buyers and those with mo...


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


It's OK to say 'I'm sorry'

Photo: ContributedStand-up comedians and sitcoms have been making fun of Canadians for being polite as long as I can remember. Being known for our niceness is certainly not a bad thing and I wish more...

_








Member of BC Press Council


24681