CORRECTED-UPDATE 4-Allergan investors owning 35 pct to demand special meeting

Fri Sep 12, 2014 10:05am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Corrects first paragraph to show that investors owning more than 35 pct of shares, not more than 35 percent of investors, called for meeting)

By Soyoung Kim, Olivia Oran and Svea Herbst-Bayliss

NEW YORK, Sept 11 (Reuters) - Investors owning more than 35 percent of Allergan shares have asked the company to call a special meeting, handing a victory to billionaire investor William Ackman who is trying to broker a sale of the Botox maker to Valeant Pharmaceuticals.

Ackman's $15 billion hedge fund Pershing Square Capital Management on Thursday delivered requests from shareholders owning 1.5 percent of the stock to the company, the company said in a statement.

Reuters reported earlier that Pershing Square, Allergan's largest shareholder with a 9.7 percent stake, had secured enough additional support from shareholders to pass the critical 35 percent mark and that the requests would be delivered to Allergan's headquarters in Irvine, California on Thursday.

"Allergan will review these requests in addition to the requests from stockholders owning 2.8 percent of Allergan's shares that were delivered on September 3, 2014," the company said in a statement.

The first batch of requests totaling 31 percent of the shareholders were handed over on August 22 and Allergan last month set December 18 as the special meeting date.

Pershing Square has been working with Canada's Valeant to pursue a hostile takeover bid for Allergan, but the Botox maker has refused and has instead tried to line up another partner.

To force the company to the table, Ackman has been pushing for a special meeting where he hopes to replace most company directors with his own nominees who he expects will be more receptive to Valeant's bid..   Continued...