Meeting 'self-serving exercise' for Pershing Square: Allergan

Tue May 13, 2014 1:58pm EDT

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(Reuters) - A meeting of Allergan Inc (AGN.N) shareholders called by the company's biggest investor, Pershing Square Capital Management, is "a self-serving exercise" aimed at furthering an unsolicited takeover bid by Valeant Pharmaceuticals Inc (VRX.TO), an Allergan spokesperson said on Tuesday.

"This is nothing more than an attempt by co-bidders Pershing Square and Valeant to transfer the value inherent in Allergan to Pershing Square and Valeant at a price that substantially undervalues Allergan," the spokesperson said.

(Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by David Gregorio)