Ackman: Allergan CEO has conflict of interest on takeover offer

Activist investor William Ackman said on Monday that Allergan Inc's chief executive has a "disabling" conflict of interest because a takeover of his company by Valeant Pharmaceuticals International Inc would likely mean the loss of his job. Ackman and Montreal-based Valeant launched a $47 billion takeover of the company on April 22, but Allergan rejected the offer on May 12 and has not budged since. Allergan Chief Executive David Pyott is urging shareholders to let the company stand alone. Ackman, who controls a nearly 10 percent stake in Allergan as the head of Pershing Square Capital Management, criticized Allergan's position in a May 19 letter to its lead director, Michael Gallagher.