Pershing Square and other shareholders call for special meeting regarding Allergan hostile bid

Pershing Square Capital Management, the largest shareholder of Allergan (NYSE: AGN), which is the subject of a $53 billion hostile acquisition approach by Canada’s Valeant Pharmaceuticals International (TSX: VRX; The Pharma Letters passim), announced on Friday that it submitted the required documentation to compel Allergan to call a special meeting of its shareholders.

The written requests, from shareholders owning 31% of Allergan’s shares, exceed the requirements under Allergan’s certificate of incorporation and bylaws to call a special meeting. A substantial majority of the consents were delivered by shareholders who were holders of Allergan prior to the announcement of the proposal by Valeant and Pershing Square, and includes some of the longest-standing and largest shareholders of the company.

Request includes vote on removing the majority of Allergan’s existing directors