Activist investor William Ackman is supporting the $66 billion deal in which Actavis PLC will purchase Allergan Inc and plans to withdraw from an Allergan special shareholder meeting he had planned, CNBC television reported on Tuesday. Ackman, who had been fighting alongside Valeant Pharmaceuticals International Inc for control of Allergan, had called for the Allergan meeting to vote out board members and force the company to the table to consider their joint offer.The meeting is scheduled for Dec. 18 but the move means that there is no longer a need for it, CNBC said.Ackman's comments come after Actavis said on Monday it would pay $219 per share for Allergan, billions more than Valeant was willing to pay. Ackman, who owns nearly 10 percent of Allergan, had paper gains of more than $2.3 billion based on that price.CNBC reported that Ackman will meet with executives from Actavis later this week.
Shares of ACT traded higher by 6.2% or $15.36/share to $263.30. In the past year, the shares have traded as low as $156.40 and as high as $255.51. On average, 2398560 shares of ACT exchange hands on a given day and today's volume is recorded at 6772273.
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 1.44% or $3.02/share to $212.17. In the past year, the shares have traded as low as $94.98 and as high as $213.91. On average, 2554750 shares of AGN exchange hands on a given day and today's volume is recorded at 4671208.
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 3.44% or $4.71/share to $141.44. In the past year, the shares have traded as low as $105.17 and as high as $153.10. On average, 2617520 shares of VRX exchange hands on a given day and today's volume is recorded at 2761406.
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 3.67% or $5.66/share to $160.06. In the past year, the shares have traded as low as $110.26 and as high as $170.45. On average, 476421 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 314054.
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