Valeant Pharma: ISS recommends Allergan (AGN) shareholders call a special meeting of shareholders; ISS comments on Valeant's 'enormous success over the tenure of its current CEO'
Valeant Pharmaceuticals International and Pershing Square Capital Management, L.P. commented on ISS recommendation in support of Pershing Square's effort to call a special meeting of Allergan (AGN) shareholders. Pershing Square is seeking to call a special meeting to address a number of important matters, including the removal of six incumbent directors from the Allergan Board, which has failed to do any reasonable investigation of the Valeant offer.
* ISS commented: "Many of the initiatives [Allergan] has announced, moreover—reducing R&D and SG&A expense, looking at acquisitions—are strategies Valeant has used to enormous success over the tenure of its current CEO."
* "Allergan bylaws are far more restrictive than any of the comparator companies the board apparently reviewed, with no discernable advantage for Allergan shareholders."