Allergan Inc may take on debt to purchase back its own shares as part of a multi-faceted plan to thwart a $53 billion takeover bid by Valeant Pharmaceuticals International Inc and activist investor William Ackman. The company is also considering making acquisitions of its own and more spending cuts to increase shareholder value, Chief Executive David Pyott said in an interview, outlining steps to build support for Allergan, best known for its Botox anti-wrinkle injections, to remain a standalone company.But Allergan, which is expected to unveil the plan when it releases second-quarter results sometime in July, faces an uphill battle.Valeant says it already has enough shareholders on its side to call a special meeting to replace Allergan board members with nominees who support its takeover proposal. To call a meeting, the acquisitive Canadian company needs support of the holders of at least 25 percent of the shares.It is possible that Allergan can turn the tide, but it won't be easy, said Ronny Gal, an analyst at Sanford C. Bernstein.
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 $169.22. 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 1170.
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 traded higher by 0.42% or $0.535/share to $126.66. In the past year, the shares have traded as low as $86.89 and as high as $153.10. On average, 3699520 shares of VRX exchange hands on a given day and today's volume is recorded at 65426.
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 2.3% or $-3.18/share to $134.94. In the past year, the shares have traded as low as $89.35 and as high as $170.45. On average, 397386 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 477207.
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