NEW YORK--(BUSINESS WIRE)--Appaloosa LP today issued a statement in response to Allergan plc’s (NYSE:AGN) (“Allergan”) March 22, 2019 proxy filing and intention to install an independent Chairman at the next “CEO transition.”
“Typical of this Board, Allergan has done everything except what needs to be done to fix the Company. Unless the Board intends to make a CEO transition in the very near-term, these measures are no more than a meaningless series of gestures intended to preserve the current system of lax oversight and further entrench management. Appaloosa is not the lone voice of dissent or criticism and we are confident that shareholders will recognize these half-measures for what they are – a weak attempt to placate discontent and avoid a well-deserved rebuke to management. The status quo is unacceptable and disruptive measures are necessary for shareholders to convince this Board that it must make the decisions required to fix the Company or, if they are unwilling, sell it to a more capable acquirer or merger partner.”
Appaloosa also released a detailed investor presentation highlighting Allergan’s persistent underperformance and why change is necessary now. The presentation is available at http://www.businesswire.com/cgi-bin/mmg.cgi?eid=51958992&lang=en.
Funds advised by Appaloosa LP (“Appaloosa”) have submitted to Allergan plc (“Allergan”) a shareholder proposal to separate the roles of Chairman and Chief Executive Officer to be considered at Allergan’s 2019 annual general meeting of shareholders. This communication is not a solicitation of proxies and Appaloosa is not seeking authority to vote any proxy in connection with Allergan’s annual general meeting. Shareholders should NOT send us any proxy card. Shareholders may vote for Appaloosa’s shareholder proposal by executing and returning the form of proxy card furnished by Allergan in accordance with the procedures set forth in Allergan’s proxy materials. Shareholders with questions may contact Okapi Partners, Appaloosa’s Information Agent, toll free in the U.S. and Canada at (877) 869-0171 or at +1 (212) 297-0720 outside of the U.S. or Canada.