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Canada,United States : VALEANT alters its proposal to leverage ALLERGAN

June 2, 2014

As per the firms release, Valeant Pharmaceuticals has amended its proposal for second time in a week to take over Allergan, offering to exchange each Allergan share for $72 and maintain 0.83 shares of Valeant common stock.

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% stake, has agreed to elect only stock consideration in the transaction, the release said.

Release added, on 29 May, Allergan and Valeant Pershing Square would exchange their Allergan shares for Valeant shares at a 1.22659 exchange ratio and receive no cash consideration, based on closing stock rates.

We look forward to the Allergan board immediately entering into negotiations with Valeant and finalizing this transaction, Pershing Square CEO Bill Ackman said.

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Source: TendersInfo (India)

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