(Reuters) – Billionaire hedge fund manager David Tepper said on Tuesday Allergan (NYSE:) Plc should consider selling itself if its management is unable to turn around recent lagging performance, stepping up pressure on the drugmaker.
“If in fact the Board is unable or unwilling to hold management accountable for its shortcomings or find a suitable replacement, it is your fiduciary obligation to explore other options, including a merger or sale of the Company,” Tepper, the founder of hedge fund Appaloosa LP, said in a letter.
Allergan said earlier on Tuesday that its board of directors planned to recommend in favor of a shareholder proposal to require an independent board chair.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
