Valeant ups the ante

Share this article:

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.

Share this article:
close

Next Article in Business Briefs

Email Newsletters

More in Business Briefs

Avastin pockets another Priority Review label

It's the second for this cancer drug in two weeks.

Court invalidates some healthcare subsidies

The lawsuit has been wending its way through the courts for a while, and, although it is being deliberated in several other venues, the decision is part of a legal dispute that puts patients in the 36 states offering federal exchanges in limbo.

FDA generic division overhaul kicks in

The Food and Drug Administration has been intent on elevating and reorganizing its office of Generic Drugs since 2012.