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Thursday, August 14, 2014

SEC probing Valeant, Ackman's hostile Allergan bid - WSJ, (NYSE: AGN), (NYSE: VRX), (TSE: VRX.TO)

A hostile takeover bid by billionaire investor William Ackman and Valeant Pharmaceuticals International Inc to acquire Allergan Inc is being investigated by federal regulators for possible violations of securities laws, the Wall Street Journal reported, citing people familiar with the matter. The Securities and Exchange Commission civil probe was focused on potential breaches of insider trading laws, the Journal reported, citing one of the people. (on.wsj.com/1uTJfER)Earlier this month, Botox maker Allergan accused Valeant and Ackman of violating securities laws by using insider information as they prepared a takeover bid for the drug company.A Valeant spokeswoman said the company was confident that the "trading was completely lawful."Representatives from Ackman's Pershing Square Holdings Ltd were not immediately available to comment, while the SEC failed to comment on the news.

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 0.89% or $1.38/share to $156.28. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 2844040 shares of AGN exchange hands on a given day and today's volume is recorded at 1731139.

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 1.14% or $1.24/share to $110.41. In the past year, the shares have traded as low as $95.28 and as high as $153.10. On average, 3301960 shares of VRX exchange hands on a given day and today's volume is recorded at 3563308.

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 1.07% or $1.27/share to $120.47. In the past year, the shares have traded as low as $99.90 and as high as $170.45. On average, 364068 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 218809.



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