Ackman's Pershing Square Proposes Six Nominees For Allergan Board - Update

(RTTNews) - Activist investor William Ackman's Pershing Square Capital Management L.P. on Monday disclosed a slate of six director nominees for the board of Botox maker Allergan Inc. (AGN).

Pershing Square, which has a 9.7 percent stake in Allergan, has supported Valeant Pharmaceuticals International Inc (VRX, VRX.TO)'s about $53 billion hostile acquisition bid for Allergan.

Allergan has spurned Valeant's three bids, stating the offers undervalue the company. Allergan also questioned the viability of Valeant's acquisition-led business strategy.

Meanwhile, detailing the board nominees, Pershing Square said it has proposed the names of Betsy Atkins, Cathleen Black, Fredric Eshelman, Steven Shulman, David Wilson and John Zillmer.

Bill Ackman said, "Each member of our slate of nominees is an independent, skilled leader with relevant domain, industry and/or executive management experience. By supporting this slate, Allergan shareholders can ensure that the interests of shareholders will be well represented on the board of Allergan."

Last month, Pershing and Allergan agreed to a deal that averts a dilutive "poison pill" defense and allows Pershing Square to coordinate with shareholders to call a special meeting. That would be the first step toward replacing a majority of Allergan's nine directors.

Allergan stock is trading at $165.94, down $3.19 or 1.89%, on the NYSE.