Allergan reviews meeting requests in takeov..

Pharmaceuticals • Corporate pursuer Valeant wants to replace board so it can get company.

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Irvine, Calif. • Botox maker Allergan says it's reviewing shareholder requests for a special meeting to consider replacing most of its board.

That's a change fellow drugmaker Valeant Pharmaceuticals is seeking as part of its hostile takeover attempt.

Allergan has repeatedly rejected Valeant's offers to buy the company, the latest for about $53 billion, saying Valeant is substantially undervaluing the company and that an independent Allergan can generate more value for shareholders.

Valeant and its partner — investment fund manager Pershing Square — said late Friday they submitted to Allergan written requests from its shareholders of 31 percent of Allergan's stock requesting a special meeting of Allergan shareholders.

Allergan says it will announce details on a possible meeting once it finishes reviewing the requests. Valeant says it believes Allergan must hold that meeting by Dec. 20.

Allergan reviews meeting requests in takeover bid