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Allergan reviews meeting requests in takeover bid

Published August 23, 2014 11:53 am

Pharmaceuticals • Corporate pursuer Valeant wants to replace board so it can get company.
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Irvine, Calif. • Botox maker Allergan says it's reviewing shareholder requests for a special meeting to consider replacing most of its board.

That's a change fellow drugmaker Valeant Pharmaceuticals is seeking as part of its hostile takeover attempt.

Allergan has repeatedly rejected Valeant's offers to buy the company, the latest for about $53 billion, saying Valeant is substantially undervaluing the company and that an independent Allergan can generate more value for shareholders.

Valeant and its partner — investment fund manager Pershing Square — said late Friday they submitted to Allergan written requests from its shareholders of 31 percent of Allergan's stock requesting a special meeting of Allergan shareholders.

Allergan says it will announce details on a possible meeting once it finishes reviewing the requests. Valeant says it believes Allergan must hold that meeting by Dec. 20.