Allergan board totally rejects Valeant's $46 billion bid

13 May 2014

USA-based Allergan (NYSE: AGN) said yesterday that its board of directors has unanimously rejected the $46 billion unsolicited proposal to buy the firm from acquisitive Canadian drugmaker Valeant Pharmaceuticals International (TSX: VRX), that was made last month for the company.

After a comprehensive review, conducted in consultation with its financial and legal advisors, the Allergan board concluded that the proposal substantially undervalues Allergan, creates significant risks and uncertainties for the stock

Allergan expects 20%-24% EPS growth

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