Glass Lewis sides with Ackman on Allergan meeting request

Mon Aug 4, 2014 7:53pm EDT

Aug 4 (Reuters) - Proxy advisory firm Glass Lewis on Monday suggested that Allergan Inc shareholders join hedge fund manager William Ackman in calling for a special shareholder meeting.

Valeant Pharmaceuticals Inc, with Ackman's help, offered to buy Allergan for $51 billion but has been rebuffed. That prompted Ackman, Allergan's largest shareholder, to call for a special shareholder meeting and he has asked proxy advisory firms to weigh in.

"We are inclined to suggest shareholders would be best served setting aside the aforementioned risks in favor of the Pershing Square Written Request effort," Glass Lewis said.