Allergan Comments On Pershing Square's Delivery Of Additional Requests

(RTTNews) - Allergan Inc. (AGN) commented on Pershing Square Capital Management, L.P.'s delivery of additional requests from stockholders owning 1.5% of Allergan's shares to call a Special Meeting of Stockholders.

Allergan said it will review these requests in addition to the requests from stockholders owning 2.8% of Allergan's shares that were delivered on September 3, 2014.

Notwithstanding Pershing Square and Valeant Pharmaceuticals International, Inc.'s (VRX, VRX.TO efforts to change the subject, Allergan said it recognized that what actually matters is value, and that's what the Company is focusing on delivering to stockholders. In that regard, Allergan's current strategic plan (2014 through 2019) is expected to deliver a compounded annual growth rate of greater than 20% EPS growth, including estimated 2016 earnings per share at approximately $10.00.

Allergan has already scheduled the Special Meeting for December 18, 2014. As such, the delivery of additional requests for the Special Meeting by Pershing Square is not a meaningful development. The lawsuit in California is seeking an order barring Valeant, Pershing Square, Ackman, and entities affiliated with them from voting shares that Allergan believes were acquired in violation of the federal securities laws, including insider trading. If Allergan's motion for a preliminary injunction is granted, it would prevent Valeant, Pershing Square, and Ackman from voting their shares at any meeting of stockholders.

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 for a fast-tracked lawsuit against Allergan to force it to call a special meeting related to the takeover offer.