Pershing Square Taps Top Global Bank in Effort to Bring Valeant (VRX) and Allergan (AGN) Together

Bill Ackman's Pershing Square is said to have hired Credit Suisse (NYSE: CS) to advise as it works with Valeant Pharma (NYSE: VRX) on a takeover of Allergan (NYSE: AGN).

The move by Credit Suisse is notable in that most large banks avoid working with activist investors for fear of alienating other clients.

Pershing Square's involvement isn't typical for an activist either; the firm is acting like a co-bidder with Valeant, which makes Credit Suisse have more of an advisory role.

Credit Suisse will end up getting a better position in future M&A deals should the Valeant/Allergan deal go through. Pershing Square gets increased resources and backing of a large name as it works with Allergan.

With Valeant's bid in stock and cash, Pershing Square's Ackman has been spending countless hours in meetings with Allergan shareholders aiming to convince them of how the deal will play out and why Valeant shares will retain their value once everything is said and done.

Valeant is modestly lower while Allergan is up 0.4 percent Tuesday.

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