Valeant, Pershing go hostile in $53.8-bn Allergan bid

Valeant Pharmaceuticals Inc on Monday prepared to take its $53.8-billion takeover bid for Allergan Inc directly to the Botox maker's shareholders, and ally Pershing Square called for a meeting to turn over the target company's board.

Pershing Square Chief Executive Officer Bill Ackman, whose hedge fund owns 9.7 per cent of Allergan, said in a conference call with Valeant CEO Mike Pearson that he had requested a special meeting that could take place as early as August 7. Allergan could also delay the meeting, where Pershing intends to replace a majority or more of the company's directors, to as late as November, Ackman said.