Allergan Plc is on course to defeat a non-binding shareholder resolution tabled ...
- Allergan Plc is on course to defeat a non-binding shareholder resolution tabled by David Tepper’s hedge fund Appaloosa LP that would have instructed the drugmaker’s CEO Brent Saunders to immediately give up his role as chairman, people familiar with the matter said on Tuesday.
Enough votes have been cast for Allergan to prevail against Appaloosa, the sources said. However, Appaloosa’s resolution is expected to attract the votes of a substantial minority of Allergan’s shareholders, the sources added, highlighting the displeasure of many investors focused on stricter corporate governance standards.
Two leading shareholder advisory firms, Institutional Shareholder Services LP and Glass Lewis & Co, earlier this month threw their support behind Allergan’s management by recommending that investors vote against Appaloosa’s proposal.
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