(Adds details on motion for preliminary injunction)
Aug 26 Allergan Inc said on Tuesday that
it has scheduled a special shareholders meeting for Dec. 18,
when activist investor Bill Ackman, who supports a hostile bid
for the company by Valeant Pharmaceuticals Inc, will
attempt to oust most of its board.
Although Allergan set a date for the meeting, it said in a
Delaware court filing that it will review the validity of the
shareholder requests for the meeting on Sept. 4.
The company said later in the evening, that it had asked the
U.S. District Court for the Central District of California to
set an expedited schedule for an injunction that will bar
Valeant, Ackman and his hedge fund firm from excercising rights
associated with any shares that were acquired unlawfully.
"Such an order would prevent Valeant, Pershing Square, and
Mr. Ackman from voting their shares in any special meeting,"
Allergan said in a statement.
Valeant and Pershing Square were not immediately available
for comment outside regular business hours.
California-based Allergan, the maker of Botox anti-wrinkle
skin injections, is trying to fend off a $49 billion hostile
takeover by Canada's Valeant. Ackman's Pershing Square Capital
Management, Allergan's biggest shareholder, hopes to see a
revamped Allergan board that would be willing to negotiate with
Ackman said on Friday that investors holding 31 percent of
Allergan shares had asked for the meeting. Pershing Square said
it also filed a lawsuit in Delaware to require Allergan to
schedule the meeting, anticipating that the company would likely
fight doing so.
At least 25 percent of shareholder support is necessary
under Allergan's bylaws to call the meeting.
(Reporting by Rod Nickel in Winnipeg, Manitoba and Amrutha
Penumudi in Bangalore; Editing by Leslie Adler, Bernard Orr)