TIMELINE-Ackman and Valeant maneuver for Allergan

Tue Jul 1, 2014 2:02pm EDT
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July 1(Reuters) - Valeant Pharmaceuticals International Inc has teamed up with Pershing Square Capital Management, led by activist investor William Ackman, to make a run at Botox maker Allergan Inc. Here are the details of some of the most interesting steps along the way.

April 21 - U.S. regulatory documents show that Ackman had purchased an almost 10 percent stake in Allergan on the open market over several months and plans to bid for the company jointly with Valeant.

April 22 - Valeant and Ackman propose buying the company in an unsolicited cash and stock bid worth about $47 billion, or about $152.88 per share. Allergan's board of directors adopts a "poison pill" provision that prevents Ackman from raising his stake above 10 percent by threatening share dilution.

April 28 - Allergan eyes takeover possibilities as a defensive move, according to sources familiar with the situation.

May 2 - U.S. regulatory documents show that Pershing Square is sitting on more than $1 billion in gains on the Allergan takeover bet.   Continued...