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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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December 17, 2014
10:53 EDTVRX, AGNAckman says 'will take hard look' at Valeant shares after restrictions end
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10:02 EDTAGNOn The Fly: Analyst Downgrade Summary
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06:28 EDTAGNAllergan downgraded to Neutral from Buy at UBS
UBS downgraded Allergan (AGN) to reflect acquisition by Actavis (ACT).
December 16, 2014
09:28 EDTAGNAllergan to host special shareholder meeting
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08:53 EDTAGNActavis accretion targets look more achievable, says Sterne Agee
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07:40 EDTAGNActavis reports Saunders to lead combined company as CEO
Actavis (ACT) announced the planned senior management team that will lead the global pharmaceutical company following the successful close of the acquisition of Allergan (AGN), anticipated in the second quarter of 2015. Brent Saunders will continue to lead Actavis as CEO and President and a member of the Board of Directors. Paul Bisaro will remain Executive Chairman of the board of directors. The company noted that it anticipates continuing to define the subsequent management levels within the global organization as rapidly as possible between now and the close of the acquisition. Actavis announced that, following the close of the acquisition, its global brand sales and marketing will be structured into three organizations: International Brands, Branded Pharma and Allergan Medical. "Although we are acting rapidly in announcing these appointments, we are making them following extensive discussions with David Pyott, Chairman and CEO of Allergan, and his executive leadership team. We believe that by announcing the proposed structure of the combined organization our shareholders, customers and employee teams will better appreciate our commitment to create the most dynamic company in Growth Pharma and will share our confidence in seamless execution of this combination beginning on Day 1," Saunders said.
December 15, 2014
10:00 EDTAGNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: UPS (UPS) downgraded to Hold from Buy at Deutsche Bank... CGG SA (CGG) downgraded to Underperform from Market Perform at Raymond James... Ford (F) downgraded to Hold from Buy at Deutsche Bank... Cenovus Energy (CVE) downgraded to Market Perform from Outperform at BMO Capital... Cobalt (CIE) downgraded to Neutral from Buy at Goldman... Gastar Exploration (GST) downgraded to Neutral from Buy at SunTrust... Itau Unitbanco (ITUB) downgraded to Neutral from Buy at Goldman... Methanex (MEOH) downgraded to Outperform from Strong Buy at Raymond James... OGE Energy (OGE) downgraded to Hold from Buy at Jefferies... SandRidge Energy (SD) downgraded to Neutral from Buy at SunTrust... Sempra Energy (SRE) downgraded to Neutral from Overweight at JPMorgan... HollyFrontier (HFC) downgraded to Neutral from Buy at BofA/Merrill... CNA Financial (CNA) downgraded to Market Perform from Outperform at William Blair... Allergan (AGN) downgraded to Hold from Buy at Stifel... RF Micro Devices (RFMD) downgraded to Neutral from Buy at DA Davidson.
07:58 EDTAGNAllergan downgraded to Hold from Buy at Stifel
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December 9, 2014
09:31 EDTAGN, VRXZoetis drops after report of Valeant abandoning growth by acquisitions strategy
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06:39 EDTVRXValeant to abandon growth by acquisitions strategy, Reuters says
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06:14 EDTAGNAllergan price target raised to $245 from $210 at Citigroup
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December 8, 2014
07:29 EDTAGNUBS to hold investor trip
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07:18 EDTAGNUBS to hold investor trip
2014 Annual West Coast Investor Trip travels on the West Coast on December 8-10.
December 4, 2014
07:56 EDTAGNActavis price target raised to $315 from $266 at Morgan Stanley
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