Allergan special meeting could happen with or without Ackman's stake

Bill Ackman

Allergan ($AGN) had hoped that a lawsuit could potentially prevent Valeant's ($VRX) takeover partner--Bill Ackman, whose Pershing Square Capital Management is Allergan's leading shareholder--from contributing to the 25% investor support threshold needed to call a special meeting. But now, Reuters' sources say, Team Valeant has rallied support from shareholders holding 35% of the company, meaning the meeting--at which it hopes to overturn Allergan's board and strike its buyout defenses--could take place with or without Ackman's 9.7% stake. Report