Allergan sets up meeting to seek shareholder OK of Actavis acquisition
Allergan Inc., the Irvine company that makes Botox, scheduled a March 10 special meeting to seek shareholder approval of its acquisition by Irish firm Actavis.
Actavis agreed in November to pay about $66 billion in cash and stock to acquire Allergan, which had spent several months battling a hostile takeover attempt by Canadian company Valeant Pharmaceuticals International Inc.
The deal needs the approval of shareholders of both companies. Actavis has also scheduled a March 10 meeting to seek shareholder approval of the acquisition.
Actavis and Allergan expect to begin mailing a joint proxy statement — disclosing details of the sale — to their respective shareholders “in the coming days,” the companies said in a news release.
In addition to popular wrinkle-erasing drug Botox, Allergan sells a line of ophthalmic medications and breast implants. Actavis, headquartered in Dublin, makes and markets pharmaceuticals used to treat a variety of diseases.
Before Actavis’ offer, Valeant had teamed with hedge fund manager Bill Ackman in an attempt to acquire Allergan. But Allergan’s board rejected Valeant’s offers — its highest was about $53 billion — as too low.
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