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Stock Market & Financial Investment News

News Breaks
August 22, 2014
18:33 EDTAGN, VRXPershing 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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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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