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Valeant CEO declares he can secure Allergan shareholder support

  • Valeant (VRX) CEO Michael Pearson is confident he can round up enough shareholder support for an Allergan (NYSE: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.

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