NEW YORK (TheStreet) -- Shares of Allergan Inc. (AGN) continue to trade lower today, down -1.02% to $162.71, as it was reported that Valeant Pharmaceuticals International (VRX) and Pershing Square Capital Management will submit a request on Friday to the company for a special shareholders meeting, sources told CNBC TV.
Allergan's corporate bylaws require Valeant and Pershing Square to have more than 25% of shareholders' votes in favor of holding the meeting. They have support from more than 30%, sources added.
Allergan is fighting Valeant and Pershing Square's $49 billion offer to buy the company.
Earlier, it was reported that a federal judge in California yesterday denied a request by the company to expedite its civil suit claiming that Valeant and Pershing Square engaged in insider trading ahead of their bid to buy Allergan, according to Reuters.
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, expanding profit margins, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."