Valeant ups the ante
Valeant's effort to take over Allergan got a push Monday with reports that Pershing Square Management, which along with Valeant is looking to take over Allergan, wants shareholders to meet. The Wall Street Journal notes that Valeant wants the meeting to vote out six members of Allergan's board.
The WSJ uncovered the shareholder meeting in a regulatory filing.
Allergan has encouraged shareholders to refuse Valeant's offers, which rose from $49.4 billion on Thursday to $52.7 billion in cash and stock on Friday.
The WSJ says Pershing has not identified the six board members it wants to show the door, but said Pershing needs support from shareholders who represent a total of 25% of the company's stock for the meeting to occur.