Pershing Square Activist Presentation Deck
Allergan's Board has Taken Steps to Obstruct a
Special Meeting
Allergan's board and management used ambiguity regarding the
poison pill to discourage the solicitation of proxies
On April 22nd, the same day that Valeant first announced its proposal,
Allergan adopted a poison pill that limits shareholder communication
▸ On June 6th, Pershing Square asked Allergan to clarify, among other
things, that the solicitation and receipt of proxies would not trigger
the pill
► In Allergan's June 11th reply, Allergan refused to respond directly on
this issue
▸ Only after Pershing Square commenced an action in Delaware court
regarding this issue did management confirm that the solicitation of
proxies and certain related activities would not trigger the pill
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