Allergan Inc on Monday advised investors not to sell their shares to Valeant Pharmaceuticals International which launched a hostile takeover offer for the California-based Botox maker last week, saying it was "grossly inadequate."Allergan said its advisors Goldman Sachs & Co. and BofA Merrill Lynch told the board on June 21 the offer was inadequate from a financial point of view.The recommendation was consistent with Allergan's previous rejections of Valeant's $52 billion cash and stock offer. The Canadian company and activist investor William Ackman, who owns nearly a 10 percent stake in Allergan, made a joint bid to acquire the company in April.Allergan said in a statement that because of Valeant's declining share price, the offer is now worth about $173.20 per share, down from the $179.25 per share it reached on May 30.
Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN fell by 0.16% or $-0.27/share to $165.05. In the past year, the shares have traded as low as $81.33 and as high as $172.48. On average, 4677240 shares of AGN exchange hands on a given day and today's volume is recorded at 335093.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX fell by 0.39% or $-0.47/share to $121.46. In the past year, the shares have traded as low as $83.45 and as high as $153.10. On average, 3651850 shares of VRX exchange hands on a given day and today's volume is recorded at 857353.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX fell by 1.18% or $-1.55/share to $130.35. In the past year, the shares have traded as low as $85.88 and as high as $170.45. On average, 407809 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 180196.
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