Valeant to launch exchange offer for Allergan this week

June 17 Tue Jun 17, 2014 9:12am EDT

June 17 (Reuters) - Valeant Pharmaceuticals Inc said on Tuesday it will launch an exchange offer for Allergan Inc this week, allowing it to eventually take the unsolicited bid directly to shareholders.

Allergan has rejected Valeant's $53 billion offer, but its biggest shareholder, Pershing Square Capital Management, intends to mail proxy materials as early as this month to seek a special meeting later this year to change most of Allergan's board, Valeant said in a webcast presentation to investors. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Jeffrey Benkoe)