(Reuters) - Animal health products company Zoetis Inc added a second independent director to its board under an agreement it reached with Bill Ackman's hedge fund Pershing Square Capital Management in February.
Zoetis appointed Actavis Plc Executive Chairman and former chief executive Paul Bisaro as an independent director, the company said on Monday. (http://1.usa.gov/1amTPyQ)
Zoetis agreed with Pershing Square and Sachem Head Group in February to add two independent directors.
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The agreement prevents Pershing Square from raising its stake in Zoetis to above 12.5 percent and soliciting any takeover offers for the company or its units.
Pershing Square was Zoetis's largest shareholder as of Feb. 3 with an 8.35 percent stake, according to Thomson Reuters data.
Zoetis added William Doyle, a Pershing Square partner, to its board in February.
With the latest addition, the company's board will expand to 11 directors.
Zoetis shares were little changed at $47.09 in early trading on the New York Stock Exchange.
Up to Friday's close, the stock had risen about 8 percent since the company reached an agreement with Pershing Square.
(Reporting by Vidya L Nathan in Bengaluru; Editing by Kirti Pandey)