Stock ac­tivists fire back at Al­ler­gan’s de­fen­sive moves, push for a com­pa­ny sale

Al­ler­gan’s at­tempt to as­suage its crit­ics — or at least shore up sup­port among in­vestors — by adding in­dus­try head­lin­er Bob Hug­in to the board and call­ing for an even­tu­al di­vi­sion of the chair­man and CEO roles at the com­pa­ny has in­spired a wicked back­lash.

Hours af­ter Al­ler­gan $AGN post­ed the move, say­ing it would sep­a­rate the two top roles dur­ing an even­tu­al lead­er­ship tran­si­tion, its ac­tivist crit­ics at Ap­paloosa LP — helmed by Car­oli­na Pan­thers own­er David Tep­per — post­ed a let­ter bash­ing Al­ler­gan’s move in no un­cer­tain terms. And they go on to say that it would be bet­ter for Al­ler­gan to go ahead and ex­plore oth­er op­tions, like a sale of the com­pa­ny.

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