Skip to content

Allergan and Valeant continue to trade blows in hostile takeover bid

In the latest round of claim and counter-claim following a hostile takeover bid from Valeant Pharmaceuticals (NYSE: VRX) for Allergan Inc., (NYSE: AGN), Valeant and activist investor William Ackman were successful in scheduling an expedited trial over the timing of a special meeting of Allergan Inc shareholders, representing an important step in Valeant’s hostile takeover bid to win control of Allergan. The Delaware Court of Chancery Chancellor Andre Bouchard ordered a three-day trial to begin on October 6th after which Valeant are likely to call a special meeting of Allergan shareholders by mid-November, a month earlier than the December 18th date previously scheduled by Allergan’s board of directors.