Valeant Pharmaceuticals International Inc can pay "substantially" more for Allergan Inc and should get a fair shot at buying it, William Ackman, the Botox maker's biggest shareholder, said on Friday. Ackman said this in a letter to Allergan's board the day after the company said it was discussing a merger with another company, widely reported to be Actavis, to fend off hostile bidder Valeant.Ackman, whose hedge fund Pershing Square Capital Management owns nearly 10 percent of Allergan, asked the board to see which suitor comes up with the best offer.He urged the board to run an auction "where neither party is the favored bidder, and both are encouraged to offer maximum value - before any obligation to pay a breakup fee is incurred."Valeant shares fell nearly 1 percent in early trading on Friday amid talk that the company's proposed plan to purchase Allergan might collapse. Allergan stock was down 1.6 percent.
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 1.68% or $-3.315/share to $194.08. In the past year, the shares have traded as low as $88.41 and as high as $200.99. On average, 2349100 shares of AGN exchange hands on a given day and today's volume is recorded at 698030.
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 fell by 0.96% or $-1.239/share to $127.53. In the past year, the shares have traded as low as $103.03 and as high as $153.10. On average, 2612460 shares of VRX exchange hands on a given day and today's volume is recorded at 341757.
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 fell by 1.6% or $-2.35/share to $144.83. In the past year, the shares have traded as low as $107.76 and as high as $170.45. On average, 472203 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 78216.
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