Freedman Quoted on Pershing Square-Valeant Joint Bid for Allergan
Law360 quoted Partner Andrew Freedman in a story on developments in the joint takeover bid for Allergan Inc. by Valeant Pharmaceuticals and activist investor Bill Ackman of Pershing Square Capital. Some have said this unlikely partnership could be a blueprint for future activist M&A-related action. "It's almost as if Pershing put itself out there as the guinea pig for this type of model," said Freedman. "Activists are closely watching every step of the way to see what potential pitfalls there are and if such a model can be followed, how it would need to be adapted or changed." The partnership’s campaign will be set back as it prepares to make disclosures ordered by U.S. District Judge David Carter, but as Freedman points out, "Of course, they're going to have to make some corrective disclosures, but that's just kind of par for the course. Whether it's the SEC requiring or dictating certain disclosures in a proxy statement or whether it's court-enforced, that's rarely a barrier to a proxy solicitation."