© Reuters. David Tepper, founder of Apploosa Management, speaks during the Sohn Investment Conference in New York

(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.

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2019-02-19