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Valeant Pharmaceuticals CEO Michael Pearson is closing in on getting the for 25 per cent support of shareholders needed to call a special meeting to make changes on Allergan’s board.
Valeant Pharmaceuticals CEO Michael Pearson is closing in on getting the for 25 per cent support of shareholders needed to call a special meeting to make changes on Allergan’s board.
(RYAN REMIORZ/THE CANADIAN PRESS)

Unusual alliances form in the Battle for Botox

The hostile battle for Allergan Inc. is making for some intriguing bedfellows.

First, we have the unusual alliance of activist New York investor William Ackman and Canadian-based Valeant Pharmaceuticals International Inc. Acquisitive, debt-loving Valeant is the sort of company that a hedge fund operator who focuses on wringing more value out of underperforming firms ought to be more interested in shorting than supporting in by far the most expensive foray in its history.