Pershing Square, Valeant Pharma Settle Litigation With Allergan - Quick Facts

(RTTNews) - Pershing Square Capital Management, L.P. and Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) announced an agreement with Allergan, Inc. (AGN) to settle pending litigation before the Delaware Court of Chancery. Allergan has agreed to unconditionally call and hold a special meeting of its shareholders on December 18. Allergan has reserved the right to continue to pursue existing litigation in federal court in California but will no longer seek the invalidation of any special meeting requests.

Pershing Square is a SEC registered investment advisor to private investment funds. A fund managed by Pershing Square is Allergan's largest shareholder owning approximately 9.7% of shares outstanding.

Pershing Square said, at the special meeting, Allergan shareholders will have the opportunity to voice their support for a number of critical matters, including the removal of six incumbent members of the board, the appointment of an independent slate of directors, amendments to bylaws to eliminate restrictions on the calling of a special meeting.