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Allergan Gets Revised Cash and Stock Bid from Valeant and Pershing Square

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By on BioPharma

Allergan (AGN) is higher in Friday’s after-hours session after disclosing that Valeant Pharmaceuticals International and Pershing Square Capital Management made a second revised, unsolicited proposal to acquire all of the outstanding shares of the company for a combination of 0.83 of Valeant common shares, $72.00 in cash per share of common stock of the Company, and a Contingent Value Right (CVR) related to DARPin sales. 

Allergan has not yet received the Re-Revised Proposal from Valeant and Pershing Square. When the company receives the Re-Revised Proposal, it said it’s board will carefully review and consider it and pursue the course of action that the board believes is in the best interests of the company and all of its stockholders. 

The company noted that on April 22, Valeant proposed acquiring all of the outstanding shares of Allergan for 0.83 shares of Valeant stock and $48.30 in cash. On May 12, after a review conducted in consultation with its financial and legal advisors, the board unanimously concluded that the Original Proposal substantially undervalued Allergan, created significant risks and uncertainties for the stockholders of Allergan, and was not in the best interests of the Company and its stockholders. 

Today’s proposal is a re-revised proposal by both Valeant and Pershing Square updating the offer made by Valeant two days ago on May 28th, 2014 that the Board had not yet responded to.

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