Wed Aug 27, 2014 12:08pm EDT
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<span id="midArticle_0"/> By Tom Hals
<span id="midArticle_1"/> WILMINGTON, Del. Aug 27 (Reuters) - Valeant Pharmaceuticals International Inc and activist investor William Ackman got their request for an expedited trial on Wednesday over the timing of a special meeting of Allergan Inc shareholders, a key to their $49 billion hostile takeover fight.
<span id="midArticle_2"/> Delaware Court of Chancery Chancellor Andre Bouchard ordered a three-day trial to begin on Oct. 6. Allergan had sought a trial on Nov. 24.
<span id="midArticle_3"/> Ackman's Pershing Square Capital Management hedge fund and Canada's Valeant sued Allergan on Friday, seeking a court order directing the maker of Botox anti-wrinkle treatment to call a special meeting by mid-November.
<span id="midArticle_4"/> Ackman and Valeant hope to use the meeting to oust a majority of Allergan's board, which has been trying to fend off the $49 billion takeover bid.
<span id="midArticle_5"/> Allergan on Tuesday said it had scheduled a special meeting for Dec. 18, but Bouchard said it was pretty apparent to him that "Allergan may not want a special meeting at all."
<span id="midArticle_6"/> Pershing Square, Allergan's biggest shareholder, alleged that Allergan was trying to avoid a special meeting to give it time to find an alternative deal.
<span id="midArticle_7"/> Allergan's lawyer told Bouchard on Wednesday that it needed time to avoid a "bum rush" by Pershing Square and to determine if Pershing Square had violated federal securities laws in obtaining its 9.7 percent stake. (Reporting by Tom Hals, additional reporting by Caroline Humer in New York; Editing by Lisa Von Ahn and Jonathan Oatis)
<span id="midArticle_8"/>
<span id="articleText"/> (Adds details and background, paragraphs 3-8)
<span id="midArticle_0"/> By Tom Hals
<span id="midArticle_1"/> WILMINGTON, Del. Aug 27 (Reuters) - Valeant Pharmaceuticals International Inc and activist investor William Ackman got their request for an expedited trial on Wednesday over the timing of a special meeting of Allergan Inc shareholders, a key to their $49 billion hostile takeover fight.
<span id="midArticle_2"/> Delaware Court of Chancery Chancellor Andre Bouchard ordered a three-day trial to begin on Oct. 6. Allergan had sought a trial on Nov. 24.
<span id="midArticle_3"/> Ackman's Pershing Square Capital Management hedge fund and Canada's Valeant sued Allergan on Friday, seeking a court order directing the maker of Botox anti-wrinkle treatment to call a special meeting by mid-November.
<span id="midArticle_4"/> Ackman and Valeant hope to use the meeting to oust a majority of Allergan's board, which has been trying to fend off the $49 billion takeover bid.
<span id="midArticle_5"/> Allergan on Tuesday said it had scheduled a special meeting for Dec. 18, but Bouchard said it was pretty apparent to him that "Allergan may not want a special meeting at all."
<span id="midArticle_6"/> Pershing Square, Allergan's biggest shareholder, alleged that Allergan was trying to avoid a special meeting to give it time to find an alternative deal.
<span id="midArticle_7"/> Allergan's lawyer told Bouchard on Wednesday that it needed time to avoid a "bum rush" by Pershing Square and to determine if Pershing Square had violated federal securities laws in obtaining its 9.7 percent stake. (Reporting by Tom Hals, additional reporting by Caroline Humer in New York; Editing by Lisa Von Ahn and Jonathan Oatis)
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