Allergan asks stockholders not to act on Pershing Square proposal

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Allergan asks stockholders not to act on Pershing Square proposal

<p><a href="http://news.yahoo.com/allergan-asks-stockholders-not-act-pershing-square-proposal-214608297--finance.html"><img src="http://l3.yimg.com/bt/api/res/1.2/yt8oiSwv_VAjsj.QHPkKzw--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2014-07-11T214608Z_1006950001_LYNXMPEA6A0WF_RTROPTP_2_CBUSINESS-US-ALLERGAN-VALEANT-ADVISE.JPG" width="130" height="86" alt="Allergan CEO Pyott speaks during an interview in New York" align="left" title="Allergan CEO Pyott speaks during an interview in New York" border="0" /></a>(Reuters) - Allergan Inc advised its stockholders to refrain from taking any action in response to Pershing Square Capital Management's proposal to replace a majority of the botox maker's board. William Ackman's Pershing Square has been pushing for a special meeting of Allergan shareholders to consider the removal of six directors and the appointment of its slate of nominees. &quot;We believe Pershing Square's attempt to replace a majority of the Allergan Board is a further effort to support Valeant in its bid to acquire Allergan at a grossly inadequate price,&quot; Allergan said on Friday. The company has been trying to fight off a $53 billion hostile offer from Valeant Pharmaceuticals International Inc and activist investor William Ackman since late April.</p><br clear="all"/>

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