Valeant, Pershing Square Allowed Fast-Track Trial Over Allergan Special Meeting

(RTTNews) - Delaware court judge Wednesday approved a request from William Ackman's Pershing Square Capital LP and Canada-based Valeant Pharmaceuticals International Inc (VRX, VRX.TO) for a fast-tracked lawsuit against Allergan Inc. (AGN), to force the botox maker to call a special meeting related to the $54 billion takeover offer.

Delaware Court of Chancery Chancellor Andre Bouchard has set a three-day trial to begin on October 6.

Pershing Square and Valeant had sued Allergan last week in in Delaware seeking declaratory relief to require Allergan to schedule the meeting on November 24. At the special meeting of Allergan stockholders, Pershing Square plans to rejig the Allergan board and push forward the takeover offer.

Last Friday, Pershing Square said it had submitted written requests from 31 percent of Allergan stockholders to call for a special meeting.

Allergan had yesterday said it would schedule the meeting for December 18, however, the Irvine, California-based company would be forced to schedule the meeting earlier if the court orders to do so.

In April, Valeant in support with Ackman made a hostile bid to acquire Allergan for about $53 billion in cash and stock, which Allergan spurned. Pershing Square is the largest shareholder in Allergan with a 9.7 percent stake.

AGN is currently trading at $162.30, down $1.67 or 1.02%, on the NYSE.

VRX is currently trading at $115.74, down $1.36 or 1.16%, on the NYSE.