Valeant Pharmaceuticals Intl Inc (NYSE:VRX) continues its pursuit of Allergan, Inc. (NYSE:AGN) today. Bill Ackman’s firm Pershing Square Capital Management, which has teamed up with Valeant, has named a slate of directors to replace six of Allergan’s board members.
Regulatory filings show Pershing Square nominees
In a filing with the Securities and Exchange Commission today, Pershing Square names Betsy S. Atkins, Cathleen P. Black, Fredric N. Eshelman, Ph.D., Steven J. Shulman, David A. Wilson, and John J. Zillmer as nominees for Allergan’s board. Ackman’s firm had said previously that it would be naming some potential replacements for the drug maker’s board, so today’s filing simply lists their names.
Pershing Square wants its nominees to replace the following current Allergan board members: Deborah Dunsire, M.D., Michael R. Gallagher, Trevor M. Jones, Ph.D., Louis J. Lavigne, Jr., Russell T. Ray, and Henri A. Termeer.
Valeant supports Pershing Square
As part of replacing these Allergan board members, Pershing Square seeks to call a special meeting of shareholders. Of course Valeant Pharmaceuticals, which is still seeking to buy Allergan, has issued a statement fully supporting Ackman’s firm:
“We fully support Pershing Square’s efforts to call a Special Meeting of Allergan shareholders, which will provide the right forum for shareholders to express their views on the Company’s leadership, corporate governance, and importantly, the proposed combination with Valeant,” a company spokesperson said in an emailed statement.”If Allergan shareholders agree that our offer is compelling enough to warrant further discussion, they should vote to hold the Special Meeting where they will have an opportunity to remove incumbent directors. As owners of the Company, Allergan’s shareholders deserve the right to make such a decision.”
Other shareholders also support Valeant Pharmaceuticals and Pershing Square. Recently it was reported that hedge fund manager John Paulson is one of Allergan’s biggest shareholders. Others have also come out and said that it’s in the best interest of Allergan shareholders for Valeant to buy out the company.