Allergan shareholders’ effort to replace the Botox manufacturer’s entire board with directors who support a proposed $5.3 billion acquisition by Valeant Pharmaceuticals International was dealt a setback last week when the Delaware Court of Chancery ruled their claim was not ripe for adjudication.
“The claim does not implicate issues of statutory validity, the need to resolve a claim may never arise and hardly appears inevitable and it is indisputable that Allergan’s stockholders have not been deterred from pursuing a proxy contest, albeit through a different strategy,” said Chancellor Andre G. Bouchard in In re Allergan Stockholder Litigation. “Given these circumstances, and taking into account the strong policy considerations against issuing advisory opinions, it would be improvident in my view to use scarce judicial resources to opine on the hypothetical questions posed by plaintiff’s claim for declaratory relief.”
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