Allergan, Inc. (AGN) Issues Statement on Purported Valeant and Pershing Square Offer

April 22, 2014 6:24 AM EDT

Late Monday, Allergan, Inc. (NYSE: AGN) issued a statement in response to news Valeant Pharmaceuticals (NYSE: VRX) and Pershing Square Capital plan to make a merger proposal. Allergan said they have yet to receive a offer and has had no discussions with either Valeant or Pershing Square with respect to this matter.


Allergan, Inc. (NYSE: AGN) (“Allergan” or the “Company”) today became aware of public filings made by Valeant Pharmaceuticals International, Inc. (“Valeant”) and Pershing Square Capital Management, L.P. (“Pershing Square”) regarding Valeant’s purported intention to propose a merger in which the Company’s stockholders would receive a combination of Valeant common shares and cash in exchange for the outstanding shares of the Company’s common stock. The Company’s Board of Directors (the “Board”) intends to evaluate any such offer or proposal, if received, in consultation with its financial and legal advisors, and the Board will thereafter advise the Company’s stockholders of its position regarding any such offer or proposal, as well as its reasons for that position. The Company’s stockholders do not need to take any action at this time.

Allergan has had no discussions with either Valeant or Pershing Square with respect to this matter. The Company notes that neither Valeant nor Pershing Square has put forward an offer or proposal with respect to any type of merger transaction involving the Company, and the public disclosure materials filed by those entities suggest that they have expressly reserved the right to terminate their business relationship should no such offer be forthcoming.

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