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Stock Market & Financial Investment News

News Breaks
August 22, 2014
18:33 EDTVRX, AGNPershing Square submits requisite requests from Allergan holders to call meeting
Pershing Square Capital Management, the largest shareholder of Allergan (AGN), announced that it submitted the required documentation to compel Allergan to call a special meeting of Allergan shareholders. The written requests, from shareholders owning 31% of Allerganís shares, exceed the requirements under Allerganís certificate of incorporation and bylaws to call a special meeting. A substantial majority of the consents were delivered by shareholders who were holders of Allergan prior to the announcement of the proposal by Valeant Pharmaceuticals (VRX) and Pershing Square, and includes some of the longest-standing and largest shareholders of the company. The delivery of the consents starts the clock on the calling of the Special Meeting under the bylaws. Under its own interpretation of its bylaws, Allergan is now required to call the meeting no later than December 20. Pershing Square and Valeant filed litigation in Delaware seeking declaratory relief to require Allergan to schedule the meeting. Over the next few weeks, Pershing Square expects to deliver additional requests from shareholders who are in the process of completing the required documentation. Under the terms of the bylaws, Allergan shareholders have the opportunity to add to and update their consents with additional shares acquired through September 14. In addition, existing and new shareholders who have not previously submitted requests may submit requests for the meeting prior to that date. At the special meeting, Allergan shareholders will have the opportunity to voice their support for a number of critical matters, including the removal of six incumbent members of the Allergan board, the appointment of an independent slate of directors, amendments to Allerganís bylaws to eliminate onerous restrictions on the calling of a special meeting, a request that Allergan engage in negotiations with Valeant and Pershing Square, and certain other actions to improve corporate governance of Allergan.
News For AGN;VRX From The Last 14 Days
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November 17, 2014
09:24 EDTAGNAllergan up over 5% to $209 after agreeing to be acquired by Actavis
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09:21 EDTAGNActavis, Allergan transaction subject to approval of shareholders of both
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09:20 EDTAGNActavis projects at least $1.8B in annual synergies from Allergan transaction
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09:18 EDTAGNActavis sees free cash flow over $8B in 2016 following Allergan acquisition
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09:16 EDTAGNActavis confirms deal to acquire Allergan for $219 in cash, stock
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09:15 EDTAGNActavis confirms deal to acquire Allergan for $219 in cash and shares
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09:10 EDTAGNActavis buying Allergan for $219 per share, CNBC reports
06:05 EDTAGN, VRXActavis close to buying Allergan for over $64B, Bloomberg reports
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November 16, 2014
14:02 EDTVRX, AGNAllergan, Actavis move closer to deal, WSJ reports
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November 14, 2014
09:38 EDTVRXJANA Partners gives quarterly update on stakes
NEW STAKES: AMD (AMD), AECOM Technology (ACM), Alibaba (BABA), McDonald's (MCD), Amgen (AMGN), Gaming and Leisure Properties (GLPI), Iron Mountain (IRM), iRobot (IRBT), Seadrill Partners (SDLP), Valeant (VRX). INCREASED STAKES: eBay (EBAY), Charter (CHTR), Groupon (GRPN), HD Supply (HDS), Hertz (HTZ). DECREASED STAKES: Apache (APA). LIQUIDATED STAKES: CBS (CBS), Endo (ENDP), FMC Corporation (FMC), SeaWorld (SEAS), SunEdison (SUNE).
November 13, 2014
09:33 EDTVRXZoetis could get bought by Bayer for $53/share, says Jefferies
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07:23 EDTAGN, VRXValeant wooing doctors ahead of hoped for Allergan acquisition, WSJ says
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November 12, 2014
16:53 EDTAGNAllergan receives FDA approval for new styles of NATRELLE 410
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10:09 EDTAGN, VRXActavis in talks to buy Allergan for over $200 per share, Bloomberg says
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10:01 EDTAGNActavis in talks to buy Allergan for $60B, more than $200/share Bloomberg says
Actavis (ACT) is said to seek to pay about $200 per share, but Allergan (AGN) seeks about $210 per share, according to Bloomberg.
07:01 EDTAGNAllergan announces approval of amendments to company bylaws
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06:22 EDTAGN, VRXZoetis price target raised to $49 from $44 at Citigroup
Citigroup raised its price target for Zoetis (ZTS) shares to $49 after activist Pershing Square confirmed the accumulation of a 10% stake in the company. Citi thinks Pershing is interested in advocating for a sale of Zoetis, potentially to Valeant (VRX) if its bid for Allergan (AGN) fails. Citi believes others, including Bayer (BAYRY), could be interested in acquiring Zoetis. It keeps a Buy rating on the stock.
November 11, 2014
16:24 EDTVRXOn The Fly: Closing Wrap
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15:46 EDTVRX, AGNPershing Square, Sachem Head build 10% stake in Zoetis, WSJ reports
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08:32 EDTAGN, VRXValeant likely to raise offer for Allergan again, says Bernstein
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