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    Valeant unveils Allergan merger proposal

    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.

    Rose Schneider Krivich
    Rose is the content specialist for Medical Economics.

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