Pershing Square Submits Addl. Special Meeting Requests - Quick Facts

(RTTNews) - Pershing Square Capital Management, L.P., the largest shareholder of Allergan, Inc. (AGN), has submitted additional special meeting requests from shareholders owning 1.29% of Allergan's shares, bringing the total to 35.1%. Not including Pershing Square, shareholders owning over 25% of Allergan's shares have now provided the necessary documentation and cleared the administrative hurdles in Allergan's bylaws to join Pershing Square in calling for the special meeting.

Pershing Square CEO Bill Ackman, commented: "Allergan shareholders have spoken forcefully about their demand for a special meeting to be called by delivering requests representing 35% of the outstanding shares. Even excluding our shares, Allergan shareholders have met the Company's extraordinarily burdensome requirements to call the meeting. Hopefully, the board will finally recognize that shareholders want the opportunity to voice their point of view on the board, the bylaws, and the Valeant transaction, and unconditionally call the meeting."

While the company has set a December 18 meeting date, it still attempts to delay or stop the meeting by pursuing spurious litigation against Pershing Square and Valeant Pharmaceuticals International, Inc. (VRX).

Further to the 35% total submitted to Allergan, some shareholders who submitted requests were unable to submit requests representing all of their shares due to the onerous bylaw provisions. Had all such shares been included, the total would have been approximately 39% of outstanding Allergan shares. This percentage continues to exclude shareholders who wished to consent but were unable to submit any shares in compliance with Allergan's onerous bylaws.

According to Allergan, the deadline for shareholders to add to and update their requests with additional shares acquired is September 14, 2014.