Botox maker Allergan Inc. ramped up its defense against a $53 billion hostile takeover bid from Valeant Pharmaceuticals International Inc. on Friday by directing Latham & Watkins and Wachtell, Lipton, Rosen & Katz to sue Valeant.
In the 51-page complaint filed in federal district court in Santa Ana, Calif., Allergan claims that Valeant colluded with activist investor Bill Ackman on its unsolicited bid. That enabled Ackman’s hedge fund Pershing Square Capital Management LP to trade on inside information before Valeant announced its takeover offer.
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