Allergan, suitors agree to hold special shareholder meeting on Dec. 18

Tue Sep 16, 2014 12:28am EDT
 
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Sept 16 (Reuters) - Allergan Inc said it has reached an agreement with suitors Pershing Square Capital Management and Valeant Pharmaceuticals Inc to hold a special shareholder meeting on the originally scheduled date, Dec. 18.

Pershing Square and Valeant will also dismiss their pending litigation before the Delaware Court of Chancery, Allergan said in a statement late Monday.

Ackman's Pershing Square and Canada's Valeant sued the maker of Botox anti-wrinkle treatment last month, alleging that Allergan was trying to avoid a special meeting to give it time to find an alternative deal. Allergan subsequently set the meeting date for Dec. 18.

Pershing Square and Valeant made a $52 billion hostile offer for Allergan in April. Since then Allergan has been fighting for investor support for its own stand-alone plan that includes cost cuts and making an acquisition of its own.

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

Pershing Square is Allergan's largest shareholder with a 9.72 percent stake. (Reporting by Supriya Kurane in Bangalore; Editing by Gopakumar Warrier)