Valeant/Ackman Consider Another Move in Allergan Quest
Investor Bill Ackman said that he will move to replace most of Allergan's board of directors as part of a continuing battle for control of the company. Ackman's Pershing Square Capital Management and Valeant Pharmaceuticals want to buy Allergan, but the company has rejected their offers. Ackman now wants to call a special shareholder meeting where a vote would be held to replace most of Allergan's board members.
Valeant Pharmaceuticals International Inc. and Pershing Square made an unsolicited offer to buy Allergan for $45.6 billion in April and have raised it twice. Their latest offer, issued Friday, amounts to $53 billion in cash and Valeant stock. Read the full story