Leave it to Bill Ackman to innovate further in activist investing.
The Allergan-Valeant-Pershing Square (PS) situation already started differently. A creative, driven pharma teams up with an aggressive activist investor to acquire a complacent competitor. No one saw that coming.
Valeant and PS have now lobbed another grenade. This week, PS proposed to Allergan shareholders that they attend a "meeting" of sorts (in person or by proxy) solely to vote on whether Allergan should negotiate with Valeant on a deal. This is not your usual vote, or meeting.
