May 13, 2014 / 5:08 PM / in 4 years

Ackman calls Allergan shareholders to meeting on Valeant talks

May 13 (Reuters) - Pershing Square Capital Management, led by investor William Ackman, went directly to Allergan Inc shareholders on Tuesday and asked them to vote on its joint $47 billion bid with Valeant Pharmaceuticals International for the company.

Allergan rejected the offer on Monday.

In documents filed with the Securities and Exchange Commission, Pershing Square, which owns nearly a 10 percent stake in Allergan, said it would ask shareholders to attend a meeting and vote on compelling the board to engage in discussions with Valeant.

The results of the vote would not be legally binding for Allergan, it said.

“We are as a first step calling this meeting of the shareholders of the company to provide a forum for the shareholders of the company to express their views to the company by voting on the proposed resolution requesting that the Board promptly engage in good faith discussions with Valeant regarding the merger proposal,” the document said. (Reporting by Caroline Humer. Editing by Andre Grenon)

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