Valeant calls its shareholders to a special meeting

Wed Jun 25, 2014 8:21am EDT

The head offices of Valeant Pharmaceuticals International Inc. are seen in Laval, Quebec May 20, 2014.   REUTERS/Christinne Muschi

The head offices of Valeant Pharmaceuticals International Inc. are seen in Laval, Quebec May 20, 2014.

Credit: Reuters/Christinne Muschi

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(Reuters) - Valeant Pharmaceuticals International on Wednesday said it had called a special meeting for its shareholders to approve the issuance of new shares, another step in its pursuit of Botox maker Allergan Inc.

Valeant's multiple offers for Allergan have been rebuffed and the company is proceeding with a hostile takeover. It has taken its $53 billion offer, made jointly with Pershing Square Capital Management head William Ackman, directly to shareholders through a separate proxy solicitation to Allergan investors.

(Reporting by Caroline Humer)

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