November 4, 2014 / 5:48 PM / 4 years ago

BRIEF-U.S. judge won't halt Valeant, Pershing proxy votes on Allergan takeover, but requires more disclosures

Nov 4 (Reuters) - * U.S. judge orders Valeant Pharmaceuticals International Inc pershing

square to make corrective disclosures in proxy solicitation tied to proposed

Allergan Inc takeover - court ruling * U.S. district judge david carter says Valeant, pershing cannot solicit

further proxies until corrective disclosures are made * Judge says disclosures must include how Valeant, pershing had agreed on

February 25 to be called “co-bidders” if Allergan-Valeant transaction

occurred via a tender offer * Judge says disclosures must include that an Allergan lawsuit against Valeant,

pershing raised “serious questions” about whether defendants’ conduct

violated federal securities law * Judge says Valeant, pershing shall file proposed corrective disclosures for

court review by November 7 * Judge says grants in part allergan’s motion for preliminary injunction

seeking to block Valeant, pershing from voting proxies at allergan’s December

18 shareholder meeting * Judge says “there is something inherently appealing about preventing someone

who may have violated securities laws from using their allegedly

wrongfully-acquired shares to carry out their ultimate plan” * Judge says has power to issue an injunction to block improper use of such

wrongfully-acquired shares, but does not believe such an injunction is

“appropriate at this time and in this case”

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