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Friday, November 7, 2014

Ackman to Allergan board: Valeant can pay more for company, (NYSE: AGN), (NYSE: VRX), (TSE: VRX.TO)

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 wrote 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.Allergan on Friday said its board would "carefully consider" any higher bid from Valeant and "respond in due course." So far though, the company reiterated that Valeant's sweetened offers have been "grossly inadequate and significantly undervalue Allergan."

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 1.66% or $-3.27/share to $194.13. 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 1224150.

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 1.95% or $-2.51/share to $126.26. 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 823909.

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 2.64% or $-3.89/share to $143.29. 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 139742.



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