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Leveraged Buyouts
Ackman turns up heat on Allergan, calls for shareholder meeting
Ackman turns up heat on Allergan, calls for shareholder meeting

The jockeying for control of Botox maker Allergan Inc. is getting nastier. Activist investor Bill Ackman called Monday for a special meeting at which Allergan shareholders could potentially vote out the bulk of the Irvine company's board of directors. He wants shareholders to dump six unnamed directors. The move is the latest gambit by Ackman to ramp up pressure on Allergan to acquiesce to an unsolicited buyout offer. Ackman has teamed with Canadian drug maker Valeant Pharmaceuticals International Inc. in a bid to acquire Allergan for about $53 billion. “We believe the market has spoken, and that shareholders see substantial value in Valeant’s revised...

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