Amid the sound and fury surrounding the hostile bid for Allergan by an entity jointly formed by Pershing Square Capital Management and Valeant Pharmaceuticals, a recurring question is whether the bid or the transactions leading up to it violated securities or antitrust law.  The short answer is no.  This article explains why.  See also “Can Activist Hedge Fund Managers Provide Special Compensation to Nominees That Are Elected to the Board of a Target? An Interview with Marc Weingarten, Co-Head of the Global Shareholder Activism Practice at Schulte Roth & Zabel,” Hedge Fund Law Report, Vol. 7, No. 16 (Apr. 25, 2014).