A war of words between Allergan (AGN) and a big hedge fund escalated after the drug maker agreed to support a shareholder proposal to eventually split the roles of chairman and chief executive, a move that Appaloosa called a “vague” and “lame attempt” at deflecting investor pressure.
Moreover, the fund also challenged the board to consider a merger or sale, “if is unable or unwilling to hold management accountable for its shortcomings or find a suitable replacement” for the Allergan team led by chief executive Brent Saunders.
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