May 13 Pershing Square Capital Management, led
by investor William Ackman, went directly to Allergan Inc
shareholders on Tuesday and asked them to vote on its
joint $47 billion bid with Valeant Pharmaceuticals International
for the company.
Allergan rejected the offer on Monday.
In documents filed with the Securities and Exchange
Commission, Pershing Square, which owns nearly a 10 percent
stake in Allergan, said it would ask shareholders to attend a
meeting and vote on compelling the board to engage in
discussions with Valeant.
The results of the vote would not be legally binding for
Allergan, it said.
"We are as a first step calling this meeting of the
shareholders of the company to provide a forum for the
shareholders of the company to express their views to the
company by voting on the proposed resolution requesting that the
Board promptly engage in good faith discussions with Valeant
regarding the merger proposal," the document said.
(Reporting by Caroline Humer. Editing by Andre Grenon)