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Ackman builds Allergan call
Institutional Shareholder Services (ISS) yesterday said it was backing activist investor Bill Ackman’s call for a special meeting of Botox-maker Allergan investors that could topple the firm’s board and boost the chances of a takeover by Valeant Pharmaceuticals.
ISS’ recommendation on Wednesday follows a similar view from shareholder advisory firm Glass Lewis on Monday, giving Ackman’s Pershing Square Capital Management momentum as the hedge fund tries to muster support for the meeting. ISS is the largest proxy adviser for institutional investors.