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Annual and Special Corporate Meetings
Allergan co-founder speaks out against Valeant takeover
Allergan co-founder speaks out against Valeant takeover

The board and chief executive of Irvine takeover target Allergan Inc. heard a voice from the past Tuesday at the company's annual meeting of shareholders. Gavin S. Herbert, Allergan's co-founder and former chairman, urged the company's directors to reject a buyout offer from Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman. Speaking at Allergan's annual meeting in Irvine, Herbert told the board that he feared Valeant would cut the company's research and development budget as much as 80%, hampering its ability to produce new drugs and grow its business. Herbert, 82, who now owns Roger's Gardens nursery in Corona del Mar,...

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