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Friday, September 26, 2014

Shareholder T. Rowe Price urges Allergan to hold off on deals, (NYSE: AGN), (NYSE: VRX), (TSE: VRX.TO)

T. Rowe Price, the second largest shareholder in Allergan Inc, said on Friday that it wants the company to hold off on making major moves before a Dec. 18 special shareholder meeting, and criticized the board's corporate governance. The Baltimore-based investment firm is the second Allergan shareholder in two days to criticize the maker of Botox anti-wrinkle injections, which is trying to fend off a hostile, $53.7-billion takeover bid from Valeant Pharmaceuticals International Inc.The special meeting was requested by shareholders led by activist Bill Ackman for a vote on replacing most of California-based Allergan's directors. A revamped board might then hold talks with Valeant about its stock and cash offer, which has been championed by Ackman.Ackman's hedge fund Pershing Square Capital Management is Allergan's largest shareholder.T. Rowe Price has for several months watched the Allergan board's corporate governance practices with "growing concern," said spokesman Bill Benintende in a statement.

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 1.78% or $3.12/share to $178.00. In the past year, the shares have traded as low as $88.34 and as high as $179.59. On average, 1985080 shares of AGN exchange hands on a given day and today's volume is recorded at 2295577.

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 0.93% or $1.19/share to $128.99. In the past year, the shares have traded as low as $102.30 and as high as $153.10. On average, 2565090 shares of VRX exchange hands on a given day and today's volume is recorded at 2907183.

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 1.87% or $2.65/share to $144.31. In the past year, the shares have traded as low as $105.52 and as high as $170.45. On average, 387148 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 680372.



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