Ackman gets needed Allergan votes

Written By Unknown on Jumat, 22 Agustus 2014 | 18.18

Activist Bill Ackman has the votes to call a special shareholders meeting of Allergan shareholders, and a federal trial isn't going to stop him, a California federal judge said Thursday.

Judge David Carter mentioned the votes in a order denying the botox maker's motion to expedite its case against Ackman, his Pershing Square hedge fund and Valeant, a Canadian drug company.

Allergan claims the trio broke insider trading rules by taking "substantial steps" to engage in a hostile takeover before Ackman revealed Pershing Square owned 9.7 percent of Allergan shares.

Allergan requested an expedited trial, saying a verdict was necessary before calling the special shareholders' meeting Ackman has been organizing to oust six of the company's directors.

The ousters would pave the way for acceptance of Valeant's $53 billion offer.

Allergan has to call a special shareholders' meeting within 120 days after at least 25 percent of shareholders request the meeting in a Delaware court.

Ackman is ready to go, according to Carter. "They have collected the required number of forms and intend to request a special meeting," the judge noted.

Ackman and Valeant have argued that the lawsuit was merely an attempt to delay the meeting.

But federal courts aren't the place to resolve "intra-corporate disputes that might be better left to the dynamic of the free market or the state court," Carter ruled.


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