A Pershing Square Capital Management affiliate has asked the Delaware Court of Chancery to decide whether its request to call a special meeting of Allergan Inc.’s shareholders will trigger the pharmaceutical company’s adopted rights plan or poison pill that could block the hedge fund’s proposed $53 billion acquisition.
Pershing Square, a hedge fund led by activist investor William Ackman, is seeking to call a special meeting of Allergan shareholders. The meeting would allow shareholders to elect new board members who support the acquisition, according to court documents. PS Fund 1, a Pershing Square affiliate, is Allergan’s largest stockholder with roughly 29 million shares of stock. Valeant Pharmaceuticals Inc., a Canadian drug manufacturer, is partnering with Pershing Square on the hostile takeover. Pershing Square and Valeant announced their intent to acquire Botox manufacturer Allergan earlier this month.
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