Pershing Square Activist Presentation Deck
Why a Special Meeting is Necessary to Protect
Shareholder Rights
► The existence of a poison pill makes it impossible for shareholders to
take advantage of Valeant's exchange offer for Allergan shares
▸ Without a special meeting, Allergan's board could disenfranchise
shareholders on this transaction until the company's next AGM
■ Allergan could delay the company's 2015 AGM beyond next May
► In the meantime, we believe there is significant risk to shareholder
value at Allergan
■ Valeant may be forced or choose to abandon the transaction
■Allergan's board could take value-destructive actions to thwart the
Valeant offer
The special meeting provides shareholders an important
opportunity to:
Create a path to completion of a compelling offer
Rectify onerous bylaw and charter provisions that disenfranchise
shareholders
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