Allergan says Pershing’s additional requests for meeting is not “meaningful development”

Hostile takeover target Allergan (NYSE: AGN) has said that value is what “really matters” in response to Pershing Square Capital Management’s delivery of additional requests from stockholders owning 1.5% of Allergan's shares to call a Special Meeting of Stockholders.

Allergan has already scheduled the Special Meeting on December 18. In August, Allergan filed a law suit which alleges that Pershing Square, its principal William Ackman and takeover hopeful Valeant Pharmaceuticals International (NYSE: VRX), violated insider trading laws and failed to provide full and fair disclosure to Allergan’s stockholders.

Pershing said on Friday that 35% of Allegan’s shareholders are in favor of holding a special meeting, above the 25% required by the company's regulations. Allergan will review these additional requests from Pershing in addition to the requests from stockholders owning 2.8% of Allergan's shares that were delivered on September 3.