IRVINE, Calif.— News reports from Bloomberg News and others earlier this week indicate that Allergan Inc. is now involved in merger talks with specialty pharmaceutical company, Actavis Plc, which may results in bids that could potentially help Allergan fend off a long-running hostile takeover initiative by Canadaian drugmaker Valeant Pharmaceuticals Int’l.

Allergan admitted last week it was in talks with a second bidder, and sources familiar with the situation said the company was Actavis, according to Bloomberg News.

Actavis plc (NYSE: ACT) is a specialty pharmaceutical company focused on developing, manufacturing affordable generic and branded pharmaceutical products for patients suffering from diseases principally in the central nervous system, gastroenterology, women’s health, urology, cardiovascular, respiratory and anti-infective therapeutic categories. Actavis has global headquarters in Dublin, Ireland and U.S. administrative headquarters in Parsippany, N.J.

In a separate development, Allergan amended its bylaws for calling a special shareholders meeting. Allergan’s Board of Directors determined to amend the bylaws after meetings with many of the company's major stockholders and other governance organizations to solicit their input and perspectives. Following these meetings, the Board concluded that the benefits of certain provisions of the bylaws, as previously formulated, were outweighed by the associated administrative burdens.

"The Board is proactively addressing Allergan's bylaws to ensure that the Dec. 18, 2014 Special Meeting of Stockholders requested by Pershing Square Capital Management, L.P. is focused on the question of value," said Michael R. Gallagher, lead independent director of the Board. "Allergan remains confident that it can create more value than Valeant Pharmaceuticals International, Inc.'s offer to acquire the company's shares."

The amended and restated bylaws include the following revision to the section on stockholder requested special meetings which would “require the Board to call a requested special meeting within 90 days of receipt of one or more valid requests, rather than giving the Board full discretion to determine the timing of a requested special meeting.

Much of Allergan’s third quarter of 2014 was spent fighting the hostile takeover bid by Valeant that began with an unsolicited proposal during the second quarter of this year, followed by Valeant upping its bid in May 2014, and then increasing its offer again with a proposal directly to stockholders. The following month, Allergan rejected Valeant’s offers, and continues to do so.