Valeant unveils Allergan merger proposal
Valeant Pharmaceuticals has proposed a merger with Allergan.
Valeant Pharmaceuticals has proposed a merger with Allergan.
Allergan’s largest shareholder (9.7%), Pershing Square Capital Management-managed by Bill Ackman- said he supports the initiative, according to Bloomberg. Additionally, Ackman said he believes that Allergan is undervalued and worked with Valeant to cooperatively engage in a hostile takeover of Allergan.
According to the Wall Street Journal, Valeant offered Allergan $48.30 and 0.83 Valeant shares per Allergan share.
Allergan’s stock price was $116.63 on April 10, the day before Ackman began rapidly accumulating shares. It increased to $166.41 after news broke of Valeant’s interest.
Valeant finalized its acquisition of Bausch + Lomb in August 2013.
