1. Legal Memo Defends Ackman’s Actions in Allergan Bid

    Legal Memo Defends Ackman’s Actions in Allergan Bid

    An independently issued memo from Cleary Gottlieb Steen & Hamilton reaffirms how William A. Ackman's unusual hostile bid was within the legal bounds...

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    1. It is highly likely that Valeant has been careful to avoid any actions that could be characterized as steps towards commencement of a tender offer.
    2. For many years numerous market participants have urged Congress to shorten the window, noting that almost every other developed market has a much shorter period to make filings disclosing large positions.
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