Allergan’s largest shareholder (9.7%), Pershing Square Capital Management, managed by Bill Ackman, supports the initiative, according to Bloomberg. In addition, Mr. Ackman believes that Allergan is undervalued and worked with Valeant to cooperatively engage in a hostile takeover of Allergan.
Yesterday, according to the Wall Street Journal, Valeant offered Allergan $48.30 and 0.83 Valeant shares per Allergan share.
Allergan’s stock price was $116.63 on April 10, the day before Mr. Ackman began rapidly accumulating shares. It increased to $166.41 after news broke of Valeant’s interest.
Valeant finalized its acquisition of Bausch + Lomb in August 2013.ODT
