Allergan asks stockholders not to act on Pershing Square proposal

(Reuters) – Allergan Inc advised its stockholders to refrain from taking any action in response to Pershing Square Capital Management's proposal to replace a majority of the botox maker's board. William Ackman's Pershing Square has been pushing for a special meeting of Allergan shareholders to consider the removal of six directors and the appointment of its slate of nominees. "We believe Pershing Square's attempt to replace a majority of the Allergan Board is a further effort to support Valeant in its bid to acquire Allergan at a grossly inadequate price," Allergan said on Friday. The company has been trying to fight off a $53 billion hostile offer from Valeant Pharmaceuticals International Inc and activist investor William Ackman since late April.