Allergan Discusses Shareholder Requests in Takeover Bid

Allergan Inc. is said to be reviewing shareholder requests for a special meeting to consider replacing most of its board, a change Valeant Pharmaceuticals International is seeking as part of its hostile takeover attempt, according to an article in the Boston Herald.

Valeant and its partner — Pershing Square Capital Management LP — said they had submitted to Allergan written requests for a special shareholders meeting from holders of 31 percent of Allergan's stock. That exceeds the level Allergan's bylaws require, Pershing Square said. Read the full article