(Adds CEO comments on special meeting, support for takeover)
June 26 Valeant Pharmaceuticals Inc's
chief executive said on Thursday he is "delighted" that hedge
fund Paulson & Co has amassed a large stake in takeover target
Allergan Inc, and that he believes Valeant will garner
enough support to trigger a special meeting of Allergan's board.
Reuters reported exclusively on Wednesday that Paulson had
built a stake in Allergan of more than 6 million shares and
supports a deal between the Botox maker and Valeant.
Paulson's shares, along with stock owned by Valeant ally
Pershing Square Capital Management, give the company "a nice
starting point" toward reaching at least 25 percent support of
Allergan shares needed to call the special meeting that could
replace most of Allergan's board, Valeant Chief Executive
Michael Pearson said.
"We do believe we'll get the 25 percent and the majority we
need to get this deal consummated," Pearson said on Canada's BNN
Allergan has rejected Valeant's hostile $52 billion bid and
refused to negotiate.
(Reporting by Rod Nickel in Winnipeg, Manitoba; editing by