Valeant Pharmaceuticals Inc said on Wednesday it began an exchange offer for Botox maker Allergan Inc, taking its hostile $50.8 billion bid directly to shareholders.Laval, Quebec-based Valeant, which said on Tuesday it would launch the offer this week, said Allergan shareholders can choose to trade each share for $72 in cash and 0.83 Valeant share, or all cash or all stock.California-based Allergan said its board would review the exchange offer from Valeant. It previously rejected on June 10 Valeant's bid, which contained the same major terms.Valeant is backed by Bill Ackman's Pershing Square Capital Management, which is Allergan's biggest shareholder with a 9.7 percent stake.
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 traded higher by 1.17% or $1.88/share to $162.41. In the past year, the shares have traded as low as $81.33 and as high as $172.48. On average, 4673080 shares of AGN exchange hands on a given day and today's volume is recorded at 2567387.
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