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Best. Board. Around. (Mostly.)

After Pershing Square and Valeant announced their vastly interesting and novel deal last week to bid on Botox maker Allergan, we nosed around their SEC filings a bit. We wondered what sort of BoD would approve this arrangement, in which a leading pharma partners with a feared activist investor to launch a hostile acquisition of a competitor. 

 

When we first looked, we concluded Valeant has a superb BoD. Along with some classic governance flaws, the current BoD is chock full of the kind of investor-driven experience and expertise we shareholders love. 

 

Note "current BoD". Later last week, Valeant announced that three directors, and two of the best ones, will not return to the BoD at next month's annual meeting. The company nominated two new candidates, leaving one vacancy for now. While the two new nominees lack the investor-oriented credentials of the two departing ones, we still like the overall talent on the BoD.

 

We explain why in a current blog post.

 

Recent TAI blog posts

You can find other useful resources at the TAI website, including our research on "Effective Activism, on the Cheap", our white paper with the basics on activist investing, and our new guides on exempt solicitationconsent solicitation, and special shareholder meetings. 
For further information, or to discuss a specific turnaround situation, please contact:
 
Michael R. Levin
[email protected]
847.830.1479