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William Ackman Sends Letter To Allergen Board

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  • "You have sued Pershing Square, Valeant, and me personally, and publicly accused us of violating the law and of “misconduct” with no basis in fact for this litigation. You did so after your own counsel (prior to it being hired by Allergan) had sent a memo to its clients explaining that neither we nor Valeant had violated any laws in purchasing shares or in connection with the tender offer rules. It is clear from the timing of the lawsuit – literally days before you knew that we were about to deliver consents from your largest shareholders to call a special meeting – that this was yet another attempt to frustrate the Company’s shareholders’ opportunity to express their views on the board, the bylaws, and the Valeant transaction."
  • "You are fiduciaries for a $50 billion asset. Your actions have wasted corporate resources, delayed enormous potential value  creation for shareholders, and are professionally and personally embarrassing for you."

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