Allergan Issues Statement On Pershing Square's Plan To Remove Six Directors

By RTT News, 
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(RTTNews.com) - Allergan Inc. ( AGN ) Monday issued a statement asking its stockholders to refrain from taking any action, including returning any proxy card sent by co-bidders Pershing Square and Valeant, until they have reviewed the recommendation of Allergan's Board of Directors.

Earlier, William Ackman'sPershing Square Capital Management LP said it is seeking to remove six members of the current Board of Directors of Allergan at a special meeting of shareholders.

The efforts mark the latest move in a takeover attempt by Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) and partner Pershing, which is the largest Allergan shareholder with a 9.7% stake in the company.

On Friday, Valeant sweetened its bid for Botox-maker Allergan, offering about $53 billion in cash and stock.

Valeant said it would now pay $72 a share and 0.83 of Valeant stock for Allergan. When compared with Wednesday's bid, the latest offer gives most Allergan shareholders an additional $13.70 a share in cash, bringing the total offer to $179.25 a share, based on Thursday's close. The stock portion of the offer is still maintained.

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This article appears in: News Headlines

Referenced Stocks: AGN

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