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Tuesday, September 9, 2014

Ackman urges Allergan board to 'wake up' on Valeant talks, (NYSE: AGN)

After months of staying largely silent on a deal he's trying to broker, billionaire William Ackman criticized Allergan Inc 's board of directors, urging them to "wake up" and at least listen to what potential purchaser Valeant Pharmaceuticals has to offer the Botox maker. In a letter sent to Allergan's nine directors, Ackman said "your actions have wasted corporate resources, delayed enormous potential value creation for shareholders, and are professionally and personally embarrassing for you.""The smell of strong brew is in the air, now is the time to wake up," he wrote in the letter which was released in a regulatory filing.It has been five months since Ackman, whose $15 billion Pershing Square Capital Management hedge fund is Allergan's largest investor, announced he is working with rival drug maker Valeant which wants to purchase Allergan.Despite sweetened terms from Valeant, Allergan has steadfastly refused to sell itself to its rival, sued the company and Ackman, and has tried to line up another potential partner.

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 fell by 0.49% or $-0.82/share to $166.12. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 2088260 shares of AGN exchange hands on a given day and today's volume is recorded at 935293.