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May 19, 2014
08:56 EDTVRX, AGNPershing says Allergan did not fulfill duty, should retain independent counsel
Pershing Square disclosed in a regulatory filing the letter it sent to Allergan's (AGN) Board of Directors, in which the fund manager says it is "extremely concerned about governance failures at the company." In the letter, Pershing's Bill Ackman says "It is self-evident that as a result of the Valeant (VRX) merger proposal, Chairman and CEO David Pyott has a disabling conflict of interest that arises from the fact that he will lose his leadership role at the company and likely his job as a result of the transaction. As such, he cannot independently represent the company in considering the Valeant merger. For this reason, I attempted to contact you as the board’s lead director." Ackman also said in the letter that Allergan's board did not fulfill its fiduciary duties by failing to properly consider the Valeant proposal and the head of Pershing called on Allergan's independent directors of the board to analyze the revised Valeant proposal with the assistance of independent counsel and advisors, hired by the independent directors rather than by management.
News For AGN;VRX From The Last 14 Days
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April 9, 2015
11:39 EDTVRXPershing Square, Valeant, Allergan drop lawsuit over buyout
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April 8, 2015
12:17 EDTVRXOn The Fly: Midday Wrap
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