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Tuesday, July 1, 2014

Investor Ackman hires Credit Suisse for Allergan bid -source, (NYSE: AGN)

Activist investor William Ackman has hired Credit Suisse in his fight to have Valeant Pharmaceuticals acquire Botox maker Allergan Inc. , a person familiar with the matter said on Tuesday. Ackman's Pershing Square Capital Management owns 9.7 percent of Allergan and has been working with Canada's Valeant for months on an acquisition of Allergan in what would be, based on current value, the biggest deal of the year."Pershing Square has hired Credit Suisse for advice," said the source, who was not permitted to discuss the move publicly.The move is the latest twist in a heated battle between the two pharmaceutical companies and Ackman, one of the hedge fund industry's most closely watched investors.Allergan has steadfastly rebuffed Valeant's overtures, refusing to sell itself for $53 billion, while Ackman is working to call a special meeting of Allergan shareholders in order to elect new directors to the company's board.

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 0.04% or $0.06/share to $169.28. In the past year, the shares have traded as low as $82.56 and as high as $174.49. On average, 4517120 shares of AGN exchange hands on a given day and today's volume is recorded at 1715773.