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Thursday, August 14, 2014

SEC reviewing Valeant, Ackman's hostile Allergan bid, (NYSE: AGN)

U.S. securities regulators are looking at the hostile takeover bid made by billionaire investor William Ackman and Valeant Pharmaceuticals for Botox maker Allergan Inc, a person familiar with the matter said on Thursday.The Securities and Exchange Commission, which regularly reviews planned takeover deals, is asking Ackman's hedge fund, Pershing Square Capital Management, questions about the deal and the hedge fund is answering them, the person said.Pershing Square, which owns nearly 10 percent of Allergan, worked with Valeant to put together the takeover deal, which was first unveiled in April. Allergan is fighting the hostile bid.Valeant has since launched a tender offer for the company's shares.

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 0.45% or $0.7/share to $155.60. 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 2417049.