After an intense and acrimonious months long battle for a hostile takeover of Allergan, Bill Ackman, who owns a 9.7% stake in the company, finally gave up his battle to convene a special shareholders’ meeting on December 18th, according to Bidness etc.
Allergan had been fighting off a hostile takeover from Valeant and Ackman for months, because CEO David Pyott said the offer severely undervalued Allergan. Valeant kept upping its offer, with a rumor that the forced meeting that Ackman was planning would give it a $200 a share offer. Activis, however, jumped in recently with a bid that valued the company even higher at $66 billion.
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Ackman is no longer pushing for a shareholder meeting and says he is happy for Activis. He said, “We congratulate Actavis and Allergan on their announced transaction. As a result of the deal, we are withdrawing our special meeting request.”
So as an Allergan shareholder, Ackman is happy. Whether the deal is his baby or not.