NEW YORK (TheStreet) -- Shares of Allergan Inc. (AGN) are down -1.70% to $166.26 after activist investor William Ackman's Pershing Square Capital Management LP today put forth a slate of six nominees for the Botox maker's board, the Wall Street Journal reports.
Pershing has backed Valeant Pharmaceuticals International, Inc.'s (VRX) about $53 billion takeover bid for Allergan, which has rejected a number of Valeant offers, the Journal noted.
Pershing owns a 9.7% stake in Allergan.
Pershing and Allergan agreed last month to a deal that allows Ackman and his firm to coordinate with shareholders to call a special meeting.
TheStreet Ratings team rates ALLERGAN INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ALLERGAN INC (AGN) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, compelling growth in net income, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."
Highlights from the analysis by TheStreet Ratings Team goes as follows: