Valeant CEO declares he can secure Allergan shareholder support

|About: Valeant Pharmaceuticals In... (VRX)|By:, SA News Editor

Valeant (VRX) CEO Michael Pearson is confident he can round up enough shareholder support for an Allergan (AGN) bid. The company is still looking to use its $53B offer, but will still need to get 25% of Allergan shareholders on board just to convene the vote.

"Both sides know how this will come out," says Pearson, in reference to potential future ballot. After Valeant assembles the 25% of shareholders, a meeting regarding the takeover could come after only 10 to 120 days.

Previously, the Allergan board rejected the bid, stating it undervalues the company and creates risks and uncertainties for stockholders.