The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Mon, 13 Apr 2026 18:42:00 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png Communications Challenges of the Valeant/Pershing Square Bid for Allergan – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 Communications Challenges of the Valeant/Pershing Square Bid for Allergan https://corpgov.law.harvard.edu/2014/06/02/communications-challenges-of-the-valeantpershing-square-bid-for-allergan/?utm_source=rss&utm_medium=rss&utm_campaign=communications-challenges-of-the-valeantpershing-square-bid-for-allergan https://corpgov.law.harvard.edu/2014/06/02/communications-challenges-of-the-valeantpershing-square-bid-for-allergan/#comments Mon, 02 Jun 2014 16:14:41 +0000 http://blogs.law.harvard.edu/corpgov/?p=63798?d=20141202125936EST Posted by Charles Nathan, RLM Finsbury, on Monday, June 2, 2014
Editor's Note:

Charles Nathan is partner and head of the Corporate Governance Practice at RLM Finsbury. This post is based on an RLM Finsbury commentary by Mr. Nathan.

The bid by Valeant and Pershing Square to acquire Allergan has made a very big splash in the M&A and corporate governance world. In brief, Pershing and Valeant have teamed up in a campaign to pressure Allergan to sell to Valeant in an unsolicited cash and stock deal. What distinguishes the Valeant/Pershing deal from a conventional public bear hug (such as Pfizer’s recent effort to acquire AstraZeneca) is that, by pre-arrangement, Pershing Square acquired a 9.7% equity stake in Allergan immediately prior to the first public announcement of Valeant’s bear hug. This unusual deal structure is a first and, if successful, may pioneer a new paradigm for unsolicited takeovers of public companies.

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