Pershing Square Activist Presentation Deck
Allergan's Special Meeting Provision Provides a
Heavily Restricted Right
To frustrate shareholder action, Allergan designed unnecessary
restrictions to calling a special meeting
► 25% of the voting power of the company's common stock required to
request a special meeting
► The meeting request must be "IN PROPER FORM", meaning the
requesting shareholders must make certain concessions including:
■ Representations that they INTEND TO HOLD THEIR SHARES through the date
of the special meeting
■ Acknowledgements that a sale of their Allergan shares prior to the meeting date
will constitute a corresponding reduction of shares in support of the special
meeting request, even if shares are repurchased prior to the meeting
Shareholders requesting the special meeting must continue to hold at
least 25% of the company's shares until the special meeting date or
the meeting may be cancelled
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