Earlier (below) we outlined how Valeant and Pershing Square (PS) planned to convene an unusual 'meeting' of Allergan shareholders. They sought to collect votes on a non-binding resolution urging Allergan leadership to negotiate with Valeant and PS on their pending bid to acquire Allergan.
In the latest twist in this unique story, Valeant and PS withdrew its proposal for the 'meeting'. Instead, PS now proposes an official special shareholder meeting.
The New York Times and Wall Street Journal think that Valeant and PS acted erratically. We rather think Valeant and PS made some shrewd and sensible moves based on candid discussion with other investors.
We show why in a current blog post. |
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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.
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