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Stock Market & Financial Investment News

News Breaks
July 17, 2014
16:45 EDTAGN, VRXPershing Square looks to obtain consents for special meeting
Pershing Square, who along with Valeant (VRX) own 9.7% of Allergan's (AGN) outstanding shares sent a letter on July 16 to Allergan's board which addressed the Allergan's response to Valeantís acquisition proposal. The letter said in part: "In my 21-year history as a governance investor, I cannot think of another example in our portfolio where a board has behaved as poorly as you have in your response to the Valeant merger proposal...You have accused Valeant of fraudulent accounting and of falsifying its reported growth rates and business performance, and you have done so without factual evidence to prove these assertions. If one spreads false and misleading information for the purpose of driving down Valeantís stock price, that is market manipulation, plain and simple. That a board of a $50B market cap company would engage in such behavior as a defensive tactic is extraordinary and incredibly inappropriate. ..We remind you that the current value of Valeantís stock does not reflect the value ultimately received by Allergan shareholders because Valeantís stock currently trades at a substantial discount due to Allerganís scorched earth, negative information campaign against Valeant, the uncertainty of transaction consummation due to Allerganís defensive tactics, and the resulting delays in time to closure...We are now working to obtain the consents to call a special meeting, and upon their receipt, we will ask the board to call the meeting. While under the companyís highly restrictive and cumbersome special meeting mechanics, you have the ability to delay the meeting for up to 120 days, we on behalf of Allerganís other shareholders ask that you do not delay the inevitable any further. What legitimate board of directors attempts to silence or otherwise delay hearing what its own shareholders have to say? Shareholders are looking forward to expressing their views."
News For AGN;VRX From The Last 14 Days
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April 1, 2015
06:07 EDTVRXValeant completes tender offer for Salix
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06:05 EDTVRXValeant Pharmaceuticals International completes tender offer for Salix
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March 30, 2015
09:02 EDTVRXMylan slips amid Abbott share sale, Teva deal for Auspex
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March 27, 2015
07:25 EDTVRXTeva appears to be weighing transformative deal, says Bernstein
After attending Teva's (TEVA) meeting with investors, Bernstein thinks that the company is considering making a 'transformative' acquisition, although it believes that such a deal may not be imminent. The firm sees Mylan ((MYL) and the generic units of Actavis (ACT), Pfizer (PFE), and possibly Valeant (VRX) as the four logical candidates. It says that Teva can pay $81 per share for Mylan, and that a takeover of Mylan would raise Teva's EPS to about $6.50 in 2017 and $7 in 2018. Bernstein raised its price target on Teva to $69 from $60 and keeps an Outperform rating on the shares.
March 26, 2015
10:45 EDTVRXSynergy discussing possible sale with advisers, Bloomberg reports
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March 25, 2015
12:58 EDTVRXPershing Square raises stake in Valeant, says will discuss acquisitions
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11:59 EDTVRXPershing Square reports 5.7% stake in Valeant, will continue talks
Pershing Square expects to conduct discussions with Valeant and other relevant parties regarding strategic acquisitions by or joint ventures with the company, or other similar arrangements. These discussions would be exploratory in nature and there is no assurance that they would lead to a definitive transaction.
March 24, 2015
13:24 EDTVRXContact lens manufacturers accused of price-fixing, Bloomberg says
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March 23, 2015
16:14 EDTAGNPershing Square liquidates stake in Allergan
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09:03 EDTAGNLeerink analysts hold a meeting with a conference call hookup
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07:51 EDTVRXValeant price target raised to $240 from $185 at Susquehanna
Susquehanna raised its price target on Valeant to $240 from $185 to reflect the addition of durable assets and the improved growth trajectory its recent deals brings to its U.S. business. Susquehanna reiterated its Positive rating on Valeant shares.
07:17 EDTVRXAmerican Academy of Dermatology to hold annual meeting
73rd Annual Meeting of AAD is being held in San Francisco on March 20-24.
March 20, 2015
16:33 EDTVRXStocks end week higher after market reads Fed statement as dovish
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March 18, 2015
05:45 EDTVRXSalix downgraded to Hold from Buy at Jefferies
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