Allergan Approves Requests OF Stockholders For Special Meeting - Quick Facts

(RTTNews) - Allergan Inc (AGN) Thursday agreed to hold a shareholders meeting, bowing to persistent efforts by Pershing Square Capital and Valeant Pharmaceuticals, which is seeking to buy the botox maker for about $53 billion.

The announcement follows written requests from Allergan stockholders that were delivered by Pershing Square for Allergan to hold a special meeting that would delve into the hostile takeover offer by Valeant.

According to a review conducted by Allergan, Pershing Square has delivered requests that comply as to form with Allergan's bylaws from stockholders owning more than 25% of Allergan's shares. But this does not include the additional requests from stockholders owning 2.8% of Allergan's shares that were delivered recently.

Allergan said it is scheduled to hold a special meeting on December 18.

In April, Valeant in support with Ackman offered to buy Allergan for about $53 billion in cash and stock, which Allergan spurned. Pershing Square is the largest shareholder in Allergan with a 9.7 percent stake.

Last month, a Delaware court judge approved a request from William Ackman's Pershing Square and Canada-based Valeant Pharmaceuticals International Inc (VRX, VRX.TO) for a fast-tracked lawsuit against Allergan to force it to call a special meeting related to the takeover offer.