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Stock Market & Financial Investment News

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June 27, 2014
12:46 EDTAGNPershing Square announces settlement with Allergan
Pershing Square announced it has entered into a settlement with Allergan, resolving to Pershing's "satisfaction the previously announced poison pill litigation before the Delaware Court of Chancery." The settlement provides "the clarification sought by Pershing Square that its actions in connection with the solicitation and receipt of revocable proxies to call a special meeting of shareholders of Allergan will not trigger Allergan's recently adopted poison pill. The settlement paves the way for Pershing Square to soon begin actively soliciting proxies to call the special meeting." Pershing's William Ackman said, "This resolution provides the clarification we were seeking to allow Allergan shareholders to proceed with the process of calling a special meeting without fear of tripping the pill." Pershing Square plans to file an amendment to its Schedule 13D attaching the order reflecting the settlement when it becomes available.
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