Valeant, Ackman to submit Allergan special meeting request-CNBC

Fri Aug 22, 2014 10:01am EDT

Aug 22 (Reuters) - Valeant Pharmaceuticals International Inc and Pershing Square Capital Management will submit a request on Friday to Allergan Inc for a special shareholders meeting, sources told CNBC television.

Allergan's corporate bylaws require Valeant and Pershing Square to have more than 25 percent of shareholders' votes in favor of holding the meeting. They have support from more than 30 percent, CNBC reported, citing the sources.

Allergan is fighting Valeant and Pershing Square's $49 billion offer to buy the company. They want to call a meeting to vote out directors and open discussions on the deal. Pershing Square owns nearly 10 percent of Allergan. (Reporting by Caroline Humer; Editing by Jeffrey Benkoe)

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