ARTICLE | Politics & Policy

Valeant and Pershing Square may vote

November 6, 2014 3:15 AM UTC

The U.S. District Court for the Central District of California ruled that activist Pershing Square Capital and Valeant Pharmaceuticals International Inc. (NYSE:VRX; TSX:VRX) may vote shares of Allergan Inc. (NYSE:AGN) or proxies at the December 18 stockholder meeting, which could result in Allergan accepting Valeant's hostile takeover bid.

On August 26, Allergan filed suit alleging Valeant and Pershing Square violated insider trading laws and sought a federal court order to strip Valeant and Pershing Square of voting rights (see BioCentury Aug. 27). This follows Pershing Square's call for a special shareholders meeting to remove six of Allergan's nine directors. ...