Allergan reviews meeting requests in takeover bid
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.