Topics

Pharmaceutical Industry
Allergan seeks to bar Bill Ackman from voting amid takeover bid
Allergan seeks to bar Bill Ackman from voting amid takeover bid

Attorneys for Botox maker Allergan Inc. asked a federal judge in Santa Ana on Tuesday to prohibit activist investor Bill Ackman's hedge fund from voting in a shareholder election that could decide a hotly contested takeover effort. At issue is a $50-billion-plus-dollar battle over the Irvine pharmaceutical company by Canadian firm Valeant Pharmaceuticals International Inc. with Ackman's backing. Allergan shareholders are scheduled to vote Dec. 18 on a proposal to remove a majority of its directors and replace them with board members who would probably agree to sell the company to Valeant. On Tuesday, Allergan attorney Peter Wald urged U.S. District Judge David O. Carter to...

Loading