Allergan Acquiesces To Activist Appaloosa With CEO-Chairman Role Split, But Not Yet
Allergan will split the CEO and chairman roles as requested by Appaloosa, but only in the next leadership transition. The activist shareholder fired back with renewed opposition to leaving Brent Saunders in both top jobs.
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Allergan was expected to announce soon that it would follow its shareholders' advice and split the company in two, but it's being acquired by AbbVie for $63bn instead, finally giving investors a big boost in their Allergan holdings after years of decline.
AbbVie will gain the $3.58bn Botox business, a women's health franchise and gastrointestinal products in an opportunistic acquisition intended to reduce the company's dependence on Humira.
Days after surviving a shareholder vote to split up his roles, chairman/CEO Saunders says unhappy investors have been heard and change is coming. As for details, everything is on the table.