Allergan Board Mulls Valeant’s Revised Bid

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IRVINE, Calif.— Valeant Pharmaceuticals International’s (NYSE: VRX) hostile takeover bid for Allergan (NYSE: AGN) took a new turn yesterday when Valeant upped its offer to $49 billion, an increase of $10 per share.

Allergan confirmed that it received Valeant’s latest unsolicited proposal, which calls for Valeant to acquire all of Allergan’s outstanding shares for a combination of 0.83 of Valeant common shares, $58.30 in cash per share of common stock and a Contingent Value Right (CVR) related to DARPin, a pharmaceutical Allergan has developed for treating macular degeneration.

Allergan’s said its board of directors will “carefully review and consider the revised proposal and pursue the course of action that the Board believes is in the best interests of the company and all of its stockholders.” It advised stockholders that no action is required at this time.

Valeant initiated its hostile bid for Allergan on April 22.