Morgan Stanley, an adviser to Valeant Pharmaceuticals International Inc in its $53 billion hostile bid for Allergan Inc, initially tried to get hired by Allergan and in its pitch called the unsolicited bidder a "house of cards", according to Allergan.The Botox maker released email exchanges with Morgan Stanley bankers on Monday, which reveal the bankers were pitching for a defense assignment from Allergan, offering advice as to how the company could successfully defend the unwanted suitor."Executives from Morgan Stanley, the investment bank understood to have recently been retained by Valeant, have sent emails directly to Allergan's management team that suggest they share the concerns of Allergan...," the company said in a statement.In a May 13 email to Allergan Chief Executive David Pyott and Chief Financial Officer Jeff Edwards, Morgan Stanley's global head of M&A Robert Kindler said the company could be more aggressive in going after Valeant's business model and the value of its stock.
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 1.23% or $-1.99/share to $159.80. In the past year, the shares have traded as low as $81.33 and as high as $172.48. On average, 4634160 shares of AGN exchange hands on a given day and today's volume is recorded at 923765.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.09% or $-0.03/share to $31.56. In the past year, the shares have traded as low as $23.83 and as high as $33.52. On average, 11455400 shares of MS exchange hands on a given day and today's volume is recorded at 3334001.
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 1.61% or $-1.93/share to $117.67. In the past year, the shares have traded as low as $81.94 and as high as $153.10. On average, 3407400 shares of VRX exchange hands on a given day and today's volume is recorded at 1799752.
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 1.46% or $-1.89/share to $127.70. In the past year, the shares have traded as low as $85.29 and as high as $170.45. On average, 383369 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 223576.
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