Capital Allocation In The Age Of Shareholder Activism

Maybe no company is safe from activists, but there are protective measures that managers and boards can take. What biopharmas can learn from Valeant Pharmaceuticals and Pershing Square’s pursuit of Allergan.

April 21, 2014 started out like any other beautiful day in Southern California. Despite a Monday packed with meetings, Allergan Inc.’s longtime chairman and chief executive officer, David Pyott, took a break around noon to stop by the employee cafeteria and grab lunch.

It was the quiet before the storm.

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