AGN lead director responds to letter from Pershing Square

In a terse response to Bill Ackman's letter, Allergan (AGN -0.2%) lead director Michael Gallagher writes, "The BOD strongly disagrees wtih your statements and tactics including your blatant attempt to isolate David Pyott, who has created enormous value for the Allergan stockholders and who is keenly focused on the best interests of all stockholders. The entire Board of Directors, including David Pyott, is open to all options that will significantly enhance the long-term value of Allergan for all stockholders."

It seems fair to assume Mr. Ackman won't be a dinner guest of Mr. Pyott's any time soon.

Related ticker: (VRX)

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Comments (2)
  • manfredthree
    , contributor
    Comments (3155) | Send Message
    Ackman is the pot calling the kettle black. We cannot believe VRX's board is happy being painted as a bunch of dimwit Eunuchs who cannot speak for themselves. Implies WA is really taking over VRX. The wakening is good for AGN, but beyond that, lets hope the deal craters and we get on with growing AGN. We think the longer revenue stream from MAPP patents far outweighs WA's bit of fast money.
    19 May 2014, 06:34 PM Reply Like
  • chummybeagle
    , contributor
    Comments (120) | Send Message
    If VRX stopped making new acquisitions from this point forward, what would their cash earnings look like? Common sense would say a few years of growth before the earnings drop will begin. This seems like a strategy only a banker would dream up.
    19 May 2014, 06:43 PM Reply Like
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