Court ruling leaves door open for Ackman to vote at Allergan meeting

Tue Nov 4, 2014 1:17pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Nov 4 (Reuters) - Pershing Square Capital Management and Valeant Pharmaceuticals International may be able to vote at a special meeting of Allergan shareholders in which they are seeking to remove 6 of 9 Allergan board members, a California court said on Tuesday, ruling partly for and partly against each side.

The decision was part of an insider trading suit filed by Botox maker Allergan that sought to block activist investor William Ackman from voting his nearly 10 percent stake in the company at the meeting, scheduled for Dec. 18.

The court said that Pershing Square and Valeant must disclose details about their joint takeover offer and the insider trading suit filed by Allergan against the companies.

The ruling enjoins the firm from voting based on their current disclosure statement, but provides them a road to taking part in the vote by making the proposed "corrective" disclosures and submitting them to the court for review. (Reporting by Caroline Humer; Editing by Meredith Mazzilli)