Pershing Square settles lawsuit with Allergan

Associated Press |

NEW YORK (AP) — Pershing Square, the investment firm run by activist investor Bill Ackman, said Friday it settled a lawsuit with Allergan, the maker of Botox, related to Allergan's poison pill plan and Pershing's $53 billion offer for the company.

Pershing Square sued to make sure that its call for a special meeting of shareholders wouldn't trigger a defensive "poison pill" plan designed to make a hostile takeover prohibitively expensive. Pershing owns almost 10 percent of Allergan Inc.

Pershing and Valeant Pharmaceuticals International Inc. went public with their takeover attempt in April and have increased their offer several times. The current offer is $72 per share. Allergan has repeatedly rejected those offers as underpriced and risky, prompting Pershing and Valeant to go straight to the company's shareholders.

Pershing said the settlement of the lawsuit paves the way for it to call a special shareholder meeting to ask Allergan shareholders to back its offer, without fear of triggering the poison pill.

Allergan shares rose $2.01 to $172.56 in afternoon trading.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:


Symbol Name Price Change % Volume
VIPV VIPR Corp 0.00 -0.00 -29.93 13,300


Emerging Growth

IBC Advanced Alloys Corp.

IBC Advanced Alloys Corp is engaged in the production and development of specialty alloy products. Its products include copper alloys and berryllium aluminium alloys.

Private Markets


Snapchat is the fastest way to share a moment with friends. The mobile app, allows users to not only share photos with friends but also control how long they can…


Wealthfront is an automated investment service that serves as an alternative to traditional financial advisory services. The company manages a diversified, continually rebalanced portfolio of index funds on their clients’…