Ackman seeks the removal of majority of Allergan directors

Eschewing a straw poll from shareholders because of the risk in triggering a poison pill provision, Pershing Square's Bill Ackman now wants a more definitive vote on removing the bulk of the Allergan (AGN +2.6%) board. A special meeting on the issue could happen as early as August. Pershing Square needs consent from at least 25% of the firm's shares to hold the meeting. Mr. Ackman says he has the votes to move forward.

Related ticker: (VRX +1.8%)

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Comments (3)
  • King Rat
    , contributor
    Comments (1836) | Send Message
    In a roundabout way, you'd have to see this as the ultimate form of insider trading. Buy up shares then force acceptance of a hostile takeover giving you an outsized positive return.


    Disclaimer: I know this is nothing new.
    2 Jun 2014, 04:09 PM Reply Like
  • kata
    , contributor
    Comments (1534) | Send Message
    Ackman should be the one under investigation for insider trading, not Icahn...
    2 Jun 2014, 05:42 PM Reply Like
  • abdullah999
    , contributor
    Comments (896) | Send Message
    Activist investing is so unpleasant, although it seems like Ackman enjoys confrontations.


    Now I understand why Warren Buffett says: "Marrying for money is probably a bad idea under any circumstances but if you’re already rich, it’s crazy."
    2 Jun 2014, 06:40 PM Reply Like
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