Allergan Inc agreed to be bought by Actavis Plc for $66 billion, putting an end to a hostile bid by activist investor William Ackman and Valeant Pharmaceuticals International Inc.The offer values Allergan at $219 per share and is $6 billion more than the price Valeant had last offered to pay. Valeant said in a statement that it could not justify paying such a high price for Allergan, which makes the Botox wrinkle treatment.Allergan shares rose 6.6 percent to $211, earning Ackman a payout of more than $2.4 billion on his nearly 10 percent stake in the company. Valeant's latest cash-and-stock offer was worth about $54 billion although it had said it would pay up to $200 per share, or about $60 billion.The deal comes after Allergan spent six months maneuvering against a takeover by Ackman and Valeant. Allergan Chief Executive Officer David Pyott had said shareholders would be hurt because Valeant's cost cutting would stop its growth and he questioned Valeant's accounting.
Shares of ACT traded higher by 3.74% or $9.11/share to $252.88. In the past year, the shares have traded as low as $156.40 and as high as $254.41. On average, 2179940 shares of ACT exchange hands on a given day and today's volume is recorded at 6422895.
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 7.43% or $14.75/share to $213.40. In the past year, the shares have traded as low as $94.98 and as high as $200.99. On average, 2296180 shares of AGN exchange hands on a given day and today's volume is recorded at 6887524.
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 0.63% or $0.85/share to $135.06. In the past year, the shares have traded as low as $105.17 and as high as $153.10. On average, 2526030 shares of VRX exchange hands on a given day and today's volume is recorded at 3033571.
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 1.0% or $1.52/share to $152.99. In the past year, the shares have traded as low as $110.26 and as high as $170.45. On average, 468460 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 141938.
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