September 26, 2014, 2:40 P.M. ET
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T.Rowe Calls For Shareholder Vote On Allergan’s Plans Too
By Teresa Rivas
Late Thursday, Pentwater Capital Management publicly denounced Allergan’s (AGN) potential acquisition of Salix Pharmaceuticals (SLXP) without a shareholder vote. The firm joins activist investor Bill Ackman, who has also threatened a lawsuit if Allergan doesn’t give shareholders a voice about acquisition, which he opposes, preferring instead to have Allergan bought by Valeant Pharmaceuticals (VRX).
Now T. Rowe Price (TROW) is also coming out against the move. In a statement released this afternoon the firm said it has been watching the actions of Allergan’s board “with growing concern”:
In our view, the issues to be voted on at the special meeting of shareholders on December 18 are of such importance that they impose a special duty on the Board to refrain from approving any significant, irreversible commitments by the company between now and then unless shareholders are offered the opportunity to vote on them. We believe this should apply even in the event of all-cash acquisitions that do not ordinarily require a shareholder vote.
Although Salix isn’t named, presumably the “any significant, irreversible commitments” language likely refers to the firm, as Allergan was said to be planning an all-cash offer.
.
T.Rowe Calls For Shareholder Vote On Allergan’s Plans Too
By Teresa Rivas
Late Thursday, Pentwater Capital Management publicly denounced Allergan’s (AGN) potential acquisition of Salix Pharmaceuticals (SLXP) without a shareholder vote. The firm joins activist investor Bill Ackman, who has also threatened a lawsuit if Allergan doesn’t give shareholders a voice about acquisition, which he opposes, preferring instead to have Allergan bought by Valeant Pharmaceuticals (VRX).
Now T. Rowe Price (TROW) is also coming out against the move. In a statement released this afternoon the firm said it has been watching the actions of Allergan’s board “with growing concern”:
In our view, the issues to be voted on at the special meeting of shareholders on December 18 are of such importance that they impose a special duty on the Board to refrain from approving any significant, irreversible commitments by the company between now and then unless shareholders are offered the opportunity to vote on them. We believe this should apply even in the event of all-cash acquisitions that do not ordinarily require a shareholder vote.
Although Salix isn’t named, presumably the “any significant, irreversible commitments” language likely refers to the firm, as Allergan was said to be planning an all-cash offer.
T Rowe Price Calls for Meeting- Urges Shareholder Vote
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