Chevedden to Support Appaloosa Proposal on Allergan (AGN)

Appaloosa LP and John Chevedden announced today that, following discussions between Appaloosa and Mr. Chevedden regarding their respective shareholder proposals calling for Allergan plc (NYSE: AGN) to separate the roles of Chairman and Chief Executive Officer, Mr. Chevedden has determined to withdraw his proposal and support Appaloosa’s proposal.

Mr. Chevedden said, “The Appaloosa proposal is the better proposal for Allergan shareholders because it contemplates immediate implementation upon approval by shareholders.”

David Tepper, President of Appaloosa, said, “John Chevedden has worked tirelessly for many years to advance important corporate governance initiatives and we are gratified that he shares our view regarding the need for an immediate separation of the Chairman and CEO roles at Allergan. Mr. Chevedden’s decision to withdraw his proposal will eliminate unnecessary confusion, enabling shareholders to focus on effecting meaningful changes to the leadership structure at Allergan as a first step to arresting the company’s decline.”

Mr. Chevedden noted that his proposals on this same topic won more than 42% of the for and against votes at both the Allergan 2016 and 2018 annual general meetings. These meetings were held in Ireland by Allergan, which Mr. Chevedden believes discouraged shareholder participation.

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