NEW YORK — Activist investor Bill Ackman says he will move to replace most of the board of directors of Allergan as part of a continuing battle for control of the company.
Ackman’s Pershing Square Capital Management and Canadian drugmaker Valeant Pharmaceuticals International Inc. want to buy Allergan, but the company has rejected their offers. Ackman says he wants to call a special shareholder meeting and will move to replace most of Allergan’s board members.
Ackman says the meeting could happen between early August and late November.
Botox-maker Allergan Inc. is urging shareholders to hold off taking action on Ackman’s proposal while the company’s board weighs the latest buyout proposal. Valeant and Pershing Square on Friday sweetened their offer to $53 billion in cash and Valeant stock.