Valeant/Pershing To Allergan: Last Chance To Negotiate

02 Jun 2014

• By Lisa LaMotta

After surprising investors by increasing its bid for Allergan for a second time in one week, Valeant and its activist investor partner Pershing Square, urged management to negotiate before a special meeting is convened to oust the company’s board of directors.

Valeant Pharmaceuticals International Inc. and its activist investor partner, the hedge fund Pershing Square, are trying to force Allergan’s hand – pushing for a deal to go through sooner rather than later. Their prompts for Allergan Inc. to sit down with them come on the heels of an increased cash offer after market close May 30 to acquire the company.

During a conference call June 2, Valeant CEO Michael Pearson and Pershing partner Bill Ackman said they were preparing to...