Allergan Agrees With Bidders on Date of Special Meeting

Allergan Inc., the target of a hostile bid by Pershing Square Capital Management LP and Valeant Pharmaceuticals International Inc., agreed to hold a shareholder meeting on Dec. 18 that could shape the outcome of a $54 billion proposal to take over the drugmaker.

Valeant teamed up with investor Bill Ackman’s Pershing Square to help drive the hostile takeover for the maker of Botox anti-wrinkle treatment. The December meeting will allow Allergan shareholders to vote on whether to replace members of the drugmaker’s board as part of the takeover fight.