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Pershing Square Proposes Independent Slate For Allergan Board Of Directors

Stocks in this article: AGN

Pershing Square Capital Management, L.P. (“Pershing Square”) today announced a slate of six highly experienced, independent directors for the board of directors of Allergan, Inc. (“Allergan”). The six members of the slate are: Betsy Atkins, Cathleen P. Black, Fredric N. Eshelman, Steven J. Shulman, David A. Wilson and John J. Zillmer.

As previously announced, Pershing Square is seeking to call a special meeting of Allergan shareholders. At this special meeting, Allergan shareholders will be able to voice their support for a number of critical matters, including the removal of six incumbent members of the Allergan board, the appointment of the independent Pershing Square slate and certain other actions to improve the corporate governance of Allergan. To that end, Pershing Square will file today revised preliminary solicitation materials with the Securities and Exchange Commission (“SEC”).

Commenting on the decision to offer a slate of seasoned business executives for the Allergan board, Pershing Square CEO Bill Ackman said, “Each member of our slate of nominees is an independent, skilled leader with relevant domain, industry and/or executive management experience. By supporting this slate, Allergan shareholders can ensure that the interests of shareholders will be well represented on the board of Allergan.”

The business executives on the slate bring a wealth of experience leading important enterprises as well as serving as directors of prominent public companies and leading not-for-profit organizations. Each of these executives is also independent of Pershing Square and Valeant Pharmaceuticals International, Inc. (“Valeant”).

Biographies of Members of the Pershing Square Slate

Information regarding members of Pershing Square slate for the Allergan Board of Directors is set forth below:

Betsy Atkins, 61, has been the Chief Executive Officer of Baja LLC, an independent venture capital firm focused on technology, renewable sciences and life sciences, since 1994. She was formerly Chief Executive Officer and Chairman of Clear Standards, Inc., an on-demand enterprise energy management sustainability software company, from 2008 to 2009, at which time it was acquired by SAP AG.

Ms. Atkins has co-founded successful high tech and consumer companies, including Ascend Communications (formerly NASDAQ: ASDN). She is the former Chairman of the Board of Directors of Third Screen Media, a company that was eventually sold to AOL. Ms. Atkins was the CEO of NeutraCeutical Ingredients Pte. Ltd., from 1991 through 1993. She has also served on the Board of Directors of Human Genome Sciences Inc. (NASDAQ: HGSI), HealthSouth Corporation (NYSE: HLS), Vonage Holdings Inc. (NYSE: VG), Towers Watson & Co. (NYSE: TW), Reynolds American Inc. (NYSE: RAI), SunPower Corporation (NASDAQ: SPWR) and Chico’s FAS, Inc. (NYSE: CHS).

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