BUSINESS: Financial Valeant Increases Offer to Acquire Allergan to $55 Billion in Cash and Stock By Staff Monday, June 2, 2014 12:26 AM LAVAL, Quebec, Canada—On Friday, Valeant Pharmaceuticals International, Inc. (NYSE:VRX) (TSX:VRX) again increased its offer to acquire Allergan, Inc. (NYSE:AGN) under which each Allergan share would be exchanged for $72.00 in cash and 0.83 shares of Valeant common stock. That increases Valeant’s offer to approximately $55 billion in cash and stock, up from the approximately $49 billion the company had offered two days prior, as reported by VMail. This is the second time Valeant increased its offer to Allergan stockholders after it first proposed an unsolicited merger with Allergan on Tuesday, April 22, as reported by VMail. According to a statement from Valeant, the offer is subject to prompt good faith negotiation of a merger agreement between Valeant and Allergan, and shareholders will continue to be able to elect cash and/or Valeant stock, subject to proration. Pershing Square, Allergan's largest shareholder with a 9.7 percent stake, has agreed to elect only stock consideration and receive no cash consideration in the transaction and exchange its Allergan shares for Valeant shares at a 1.22659 exchange ratio, based on Thursday's closing stock prices of Allergan and Valeant. Valeant will host a conference call and live Internet webcast along with a slide presentation at 8:00 a.m. Eastern Time, June 2, 2014, to discuss the proposed offer for Allergan. The dial-in number to participate on this call is (877) 876-8393, confirmation code 54679872. International callers should dial (973) 200-3961, confirmation code 54679872.