Valeant Pharmaceuticals (NYSE:VRX, TSE:VRX) took again to the courts last week to win its long-requested meeting with shareholders of aesthetics devices maker Allergan (NYSE:AGN).
Valeant hopes a Delaware judge will force Allergan to hold a special shareholder meeting where Valeant aims to unseat most existing board members in order to push through an unrequited $53 billion acquisition. Valeant has been pushing for the special meeting for weeks but the company claims it has finally met the 25% shareholder approval mark mandated by Allergan’s bylaws.
Valeant and accomplice Pershing Square Capital Management sent officials to Allergan’s Irvine, Calif., headquarters on Friday to deliver some 1,500 pages of documents that they say demonstrate that the duo has support from more than 30% of Allergan’s shares, the Wall Street Journal reported.
Allergan issued a statement confirming that it received the documents and adding that the company and an independent director were reviewing the requests. Allergan added that the shareholders’ requests didn’t imply agreement with changes in the board or with Valeant’s acquisition offer.
"In considering whether to submit written requests, stockholders were asked to evaluate if they wanted the opportunity to vote on the offer at a later date; not to evaluate the merits of the offer itself," according to an Allergan statement. "In fact, many stockholders have explicitly conveyed their view that the requests are not an endorsement of Valeant’s offer."
Allergan has for months been dodging advances from Valeant and Pershing, saying that the companies’ unsolicited $53 billion offer "is grossly inadequate and substantially undervalues Allergan." Earlier this month, news broke that Allergan asked Salix Pharmaceuticals (NSDQ:SLXP) about a potential merger as it looks to stymie the takeover bid.