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Tuesday, November 18, 2014

Ackman supports Allergan's $66 billion sale to Actavis, (NYSE: ACT), (NYSE: AGN), (NYSE: VRX), (TSE: VRX.TO)

Activist investor William Ackman said on Tuesday he supports the $66 billion deal in which Actavis PLC will purchase Allergan Inc and will withdraw his request for an Allergan special shareholder meeting.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."We congratulate Actavis and Allergan on their announced transaction. As a result of the deal, we are withdrawing our special meeting request," Ackman said in an e-mailed statement.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.

Shares of ACT traded higher by 7.9% or $19.58/share to $267.52. 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 9182974.

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 2.24% or $4.68/share to $213.83. 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 6068105.

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 4.32% or $5.91/share to $142.64. 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 3895231.

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 4.44% or $6.86/share to $161.26. 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 468419.



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