Boston, MA 08/25/2014 (wallstreetpr) – In order to put the acquisition of Allergan, Inc. (NYSE:AGN) deal in the fastest gear, Valeant Pharmaceuticals Intl Inc (NYSE:VRX) as well as William Ackman (Pershing Square Capital Management LP activist), are taking the lawsuit path. In the hostile $53 billion acquisition bid for Allergan, the two are looking forward to overturn the Board of this Botox Maker, before something else, like company hitting for the deal on its own, happens.
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) as well as William Ackman filed a case pleading Judge to direct Allergan, Inc. (NYSE:AGN) to organize a special meeting in order to expel the majority of its Board before year end. This lawsuit is said to be the latest one in the already bitter combat taking place between the two. Valeant and Mr. William Ackman, in a 1500-long pages detailed lawsuit sent to Allergan, said that the company’s shareholders were also backing both of them. The activist hedge fund of Pershing Square Capital Management LP and Valeant said that around 31% of shares outstanding supported them.
Allergen’s Acquisition Mind Setup
In the meanwhile, Allergan, Inc. (NYSE:AGN) declared that it was looking forward to consider major takeover with Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) on its own (as reported by The Wall Street Journal). This clearly indicates that it might further annoy the acquisition deal between Allergan and Valeant Pharmaceuticals Intl Inc (NYSE:VRX), because in such a case, the former will become too expensive for the latter to be acquired.
Allergen’s Special Meeting
Allergan, Inc. (NYSE:AGN) still has 120 days for setting up this special meeting. However, Judge’s interference request could mean that it would be further delayed until 2015. In the case filed by Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and Ackman, both said that their pleading towards the Judge was genuine and that they had concerns over Allergen’s move of making its own deal before listening or paying attention to the shareholders.