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Valeant boosts its offer for Allergan

Staff writer ▼ | May 31, 2014
Valeant Pharmaceuticals International, Inc. is making an offer for Allergan, Inc. under which each Allergan share would be exchanged for $72 in cash and 0.83 shares of Valeant common stock, based on the fully diluted number of Allergan shares outstanding.
Allergan
AllerganValeant Pharmaceuticals International, Inc. is making an offer for Allergan, Inc. under which each Allergan share would be exchanged for $72 in cash and 0.83 shares of Valeant common stock, based on the fully diluted number of Allergan shares outstanding.


This offer is subject to prompt good faith negotiation of a merger agreement between Valeant and Allergan. Shareholders will continue to be able to elect cash and/or Valeant stock, subject to proration.

Pershing Square, Allergan's largest shareholder with a 9.7% stake, has agreed to elect only stock consideration in the transaction and exchange their Allergan shares for Valeant shares at a 1.22659 exchange ratio, based on yesterday's closing stock prices of Allergan and Valeant, and receive no cash consideration.


 

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