Botox maker Allergan Inc on Tuesday rejected a sweetened $53 billion takeover offer from Valeant Pharmaceuticals International and activist investor William Ackman, reiterating that it undervalues the company and is too risky for shareholders. Valeant and Pershing Square Capital Management made a joint bid for the company on April 22 that Allergan also had declined, saying that its plans to slash spending would cost the company growth. It has so far refused to enter deal discussions.Ackman, who runs Pershing and has almost a 10 percent stake in Allergan, and Valeant on May 28 raised their joint offer and when investors were displeased and sold shares, added even more cash to it on May 30."We do not believe your latest proposal offers sufficient or certain value to warrant discussions between Allergan and Valeant," Allergan Chief Executive Officer David Pyott said in a letter to Valeant CEO Michael Pearson.
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 remained unchanged at $164.15. In the past year, the shares have traded as low as $81.33 and as high as $172.48. On average, 4636580 shares of AGN exchange hands on a given day and today's volume is recorded at 0.
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 remained unchanged at $126.63. In the past year, the shares have traded as low as $81.94 and as high as $153.10. On average, 3271970 shares of VRX exchange hands on a given day and today's volume is recorded at 0.
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 0.88% or $-1.23/share to $138.03. In the past year, the shares have traded as low as $83.39 and as high as $170.45. On average, 372252 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 393316.
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