Valeant Pharmaceuticals Inc said on Tuesday it will launch an exchange offer for Allergan Inc this week, allowing it to eventually take the unsolicited bid directly to shareholders.Botox-maker Allergan has rejected Valeant's $53 billion offer, but its biggest shareholder, Pershing Square Capital Management, intends to mail proxy materials as early as this month to seek a special meeting later this year to change most of Allergan's board, Valeant said in a webcast presentation to investors."Hostile is not our preferred approach," said Valeant Chief Executive Officer Mike Pearson. "But this deal was so strategic and financially compelling that it really makes sense."To trigger a special meeting, Pershing needs to gain the additional support of shareholders representing 15.3 percent of Allergan's ownership, topping up its own 9.7 percent stake for a total of 25 percent.
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 0.09% or $0.14/share to $159.51. In the past year, the shares have traded as low as $81.33 and as high as $172.48. On average, 4670100 shares of AGN exchange hands on a given day and today's volume is recorded at 305723.
Source
