Thu Sep 11, 2014 10:32am EDT
<span id="articleText"/> (Adds background on the takeover saga)
<span id="midArticle_0"/> By <a href="http://ift.tt/1sU5wks;Soyoung Kim and <a href="http://ift.tt/1r9OyCa;Olivia Oran
<span id="midArticle_1"/> NEW YORK, Sept 11 (Reuters) - Billionaire William Ackman has signed up Allergan investors who combined own at least 35 percent of the Botox maker to call a special shareholder meeting, according to people familiar with the matter, giving the hedge fund manager a victory in his fight to acquire Allergan.
<span id="midArticle_2"/> Ackman, whose Pershing Square Capital Management is Allergan's largest shareholder with a 9.7 percent stake, has teamed up with Canada's Valeant Pharmaceuticals International Inc to pursue a hostile takeover bid for Allergan.
<span id="midArticle_3"/> Ackman and other Allergan shareholders who own a combined 31 percent already asked the company last month to call a special meeting, at which he and Valeant hope to elect new board members and open discussions on a deal.
<span id="midArticle_4"/> But crossing the 35 percent mark would mark an important step because Allergan is trying to prevent Ackman from voting his 9.7 percent stake, alleging that the investor had non-public information when he acquired the shares.
<span id="midArticle_5"/> Pershing expects to deliver requests from additional shareholders for a special meeting as soon as Thursday, putting the number at 35 percent, one of the people added.
<span id="midArticle_6"/> All the people asked not to be named because the matter is not public. Representatives for Pershing declined to comment and Valeant could not be immediately reached for comment. (Reporting by Soyoung Kim and Olivia Oran in New York, additional reporting by Svea Herbst in Boston,; Editing by Chizu Nomiyama and Meredith Mazzilli)
<span id="midArticle_7"/>
<span id="articleText"/> (Adds background on the takeover saga)
<span id="midArticle_0"/> By <a href="http://ift.tt/1sU5wks;Soyoung Kim and <a href="http://ift.tt/1r9OyCa;Olivia Oran
<span id="midArticle_1"/> NEW YORK, Sept 11 (Reuters) - Billionaire William Ackman has signed up Allergan investors who combined own at least 35 percent of the Botox maker to call a special shareholder meeting, according to people familiar with the matter, giving the hedge fund manager a victory in his fight to acquire Allergan.
<span id="midArticle_2"/> Ackman, whose Pershing Square Capital Management is Allergan's largest shareholder with a 9.7 percent stake, has teamed up with Canada's Valeant Pharmaceuticals International Inc to pursue a hostile takeover bid for Allergan.
<span id="midArticle_3"/> Ackman and other Allergan shareholders who own a combined 31 percent already asked the company last month to call a special meeting, at which he and Valeant hope to elect new board members and open discussions on a deal.
<span id="midArticle_4"/> But crossing the 35 percent mark would mark an important step because Allergan is trying to prevent Ackman from voting his 9.7 percent stake, alleging that the investor had non-public information when he acquired the shares.
<span id="midArticle_5"/> Pershing expects to deliver requests from additional shareholders for a special meeting as soon as Thursday, putting the number at 35 percent, one of the people added.
<span id="midArticle_6"/> All the people asked not to be named because the matter is not public. Representatives for Pershing declined to comment and Valeant could not be immediately reached for comment. (Reporting by Soyoung Kim and Olivia Oran in New York, additional reporting by Svea Herbst in Boston,; Editing by Chizu Nomiyama and Meredith Mazzilli)
<span id="midArticle_7"/>
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