Let me get this straifght. Valeant wants to work with Bill "renegade investor" Ackman who is Allergan's biggest shareholder in a hostile takeover to gain Allergan. Allergan puts in a poison pill to thwart Ackman and his investment firm from acquiring anymore of their shares. Ackman wants to arrange for a special shareholders meeting so he and Valeant can throw out said board members, elect their own favorable slate, and to have new friendly members toss out the poison pill provision. But calling the meeting itself, may cause the pill provision to kick off, or Valeant acquiring more shares through a tender offer may do the same. My head is spinning.
Allergan on the other hand is trying to buy Shire to allow itself to do a tax inversion in Ireland, acquire a portfolio of unrelated orphan drugs, and in large fend off the unwanted approach by Valeant. Shire for its part has reportedly rejected Allergan advances multiple times even before the Valeant attack became public. And to top it off, Bill "renegade investor" Ackman is promoting the Valeant buy Allergan move so is HIGHLY unlikely to ever back a Allergan buy Shire move. Enough. Enough. See Fierce Pharma.
Posted by Bruce Lehr June 19th 2014.