Botox maker Allergan Inc, fighting a hostile takeover bid by Valeant Pharmaceuticals Inc, said on Monday it was approached about a potential transaction by another party, identified as Actavis Plc by a source familiar with the situation.Valeant and Pershing Square Capital Management, which owns nearly a 10 percent stake in Allergan, made an offer that is now worth $55 billion for Allergan.Allergan has been fighting a six-month-old takeover battle with Valeant and is trying to convince investors that Valeant's plan for cost-cutting is too extreme.Reuters reported in early October that Actavis, which had already reached out to Allergan once in the prior months, was planning a second approach to the company with an offer worth more than $200 per share.
Shares of ACT traded higher by 2.02% or $4.91/share to $247.65. In the past year, the shares have traded as low as $153.42 and as high as $249.94. On average, 2407010 shares of ACT exchange hands on a given day and today's volume is recorded at 1699925.
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 1.16% or $2.2/share to $192.26. In the past year, the shares have traded as low as $88.34 and as high as $192.98. On average, 2403670 shares of AGN exchange hands on a given day and today's volume is recorded at 2138100.
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