1. Hedge Fund Appaloosa Unimpressed by Allergan Board Promises

    Hedge Fund Appaloosa Unimpressed by Allergan Board Promises

    REUTERS: Activist investor Appaloosa LP responded to proposed concessions from the board of Allergan Plc by saying it had done everything "except what needs to be done" and calling on other investors to take further "disruptive" steps to change the company. The hedge fund, led by billionaire David Tepper, has been pressing Allergan since last year to separate the roles of CEO and chairman or potentially sell or merge the company...

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    1. Unless the board intends to make a CEO transition in the very near-term, these measures are no more than a meaningless series of gestures intended to preserve the current system of lax oversight and further entrench management.
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