Earlier this week, Canada's Valeant Pharmaceuticals International Inc appeared to have its plan to purchase Botox maker Allergan Inc all mapped out.The next phase in Valeant's months-long campaign to acquire Allergan for about $53 billion in cash and stock was to announce "blow-out" earnings on Oct. 20, which would have led to a jump in its share price and, therefore, the value of its bid, according to people familiar with the situation.Valeant would have sweetened its offer even further, potentially bringing it somewhere between $195 per share and $200 per share from $175.94 per share as of Tuesday's closing price, these people said.The bump would have put further pressure on Allergan ahead of its Dec. 18 shareholders meeting at which some of its board members might be voted off, under a campaign led by hedge fund manager Bill Ackman, Valeant's partner in the attempted takeover. Valeant, Ackman and many investors had expected Allergan to lose the vote.
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 2.31% or $4.3/share to $190.50. In the past year, the shares have traded as low as $88.34 and as high as $189.41. On average, 2065290 shares of AGN exchange hands on a given day and today's volume is recorded at 3878779.
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 0.54% or $0.67/share to $125.90. In the past year, the shares have traded as low as $102.60 and as high as $153.10. On average, 2675780 shares of VRX exchange hands on a given day and today's volume is recorded at 2382843.
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 0.02% or $0.03/share to $139.87. In the past year, the shares have traded as low as $107.30 and as high as $170.45. On average, 450594 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 324538.
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