Embattled aesthetics maker Allergan (NYSE:AGN) affirmed this month that it would arrange the shareholder meeting demanded by hostile buyer Valeant Pharmaceuticals (NYSE:VRX, TSE:VRX) and activist investor William Ackman.
Allergan set a Dec. 18. 2014 date for the meeting, saying that the requests gathered by Ackman’s Pershing Square Capital Management proved legitimate and in sufficient quantity to mandate a meeting against the company’s wishes.
"According to a review conducted by Allergan and its independent inspector, Pershing Square has delivered requests that comply as to form with Allergan’s bylaws from stockholders owning more than 25% of Allergan’s shares, which does not include the additional requests from stockholders owning 2.8% of Allergan’s shares that were delivered on September 3, 2014," Allergan reported. "The Company will announce additional details regarding the Special Meeting in due course."
Allergan has been fighting against the meeting and staving off Valeant’s hostile takeover efforts for weeks, but finally ceded late last month. Allergan may have finally set a date, but the company isn’t done fighting. Allergan is hoping to prevent its rivals from voting their shares during the upcoming meeting.
Allergan asked the U.S. District Court for the Central District of California for accelerated proceedings in its motion for a preliminary injunction against Valeant, Pershing Square and Ackman, claiming the activist investors violated insider trading laws and reaped a $1 billion benefit as a result. Pershing acquired 9.7% of AGN’s shares in April.