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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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October 9, 2014
08:50 EDTAGN, VRXAllergan shares have further upside, says Wells Fargo
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06:49 EDTAGNAllergan cites momentum from robust growth of worldwide markets
The company also cites increases in market share in most categories, many regulatory approvals for new products in the U.S. and internationally, and targeted investments to create and grow new products and new categories. Exceptional growth in EPS from the acceleration in sales but also in leveraging of sales and marketing expenditures. The benefits from Allerganís previously announced restructuring program will be reflected in the Companyís actual results beginning in the fourth quarter of 2014 and continuing through 2015.
06:47 EDTAGNAllergan sees FY16 non-GAAP EPS $10.25
06:47 EDTAGNAllergan sees FY15 non-GAAP EPS $8.60, consensus $8.25
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06:47 EDTAGNAllergan sees FY14 non-GAAP EPS $6.20-$6.25, consensus $5.81
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06:46 EDTAGNAllergan raises Q3 EPS to $1.76-$1.78 from $1.44-$1.47, consensus $1.48
Expects Q3 product net sales to increase in excess of 17% in dollars compared to product net sales from 3Q13.
October 8, 2014
16:10 EDTAGNAllergan initiated with a Buy at Deutsche Bank
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08:42 EDTAGNSalix shares should be bought on weakness, says Sterne Agee
After Reuters yesterday afternoon reported that Actavis (ACT) plans to make a new merger approach to Allergan (AGN), Sterne Agee believes that Salix's standalone value is $162. The firm expects the shares to reach that level following approval of its Xifaxan IBS-D drug after the February 2015 PDUFA date.
07:19 EDTAGNCBI to hold a conference
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06:23 EDTAGN, VRXActavis more inclined to pursue Allergan over Salix, says Citigroup
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October 7, 2014
18:29 EDTVRX, AGNOn The Fly: After Hours Movers
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18:05 EDTVRX, AGNValeant, Pershing Square plan to raise Allergan bid by $15 a share, WSJ says
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17:52 EDTAGN, VRXAllergan up 2.8% after Dow Jones says Valeant planning to boost bid for company
17:49 EDTAGN, VRXValeant up 3.9% after Dow Jones says planning to boost Allergan bid
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17:47 EDTVRX, AGNValeant, Pershing Square planning to boost Allergan bid by $15 a share, DJ says
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15:21 EDTVRX, AGNAllergan warms to sale as Actavis plans new approach, Reuters says
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15:01 EDTAGNAllergan up 1.5% following report on Actavis planned approach on merger
14:59 EDTAGNActavis plans new approach to Allergan, Reuters reports
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07:48 EDTAGNSalix reinstated with a Buy at Jefferies
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07:12 EDTVRX, AGNAllergan requests Ackman be hindered from voting at meeting, Bloomberg says
In an effort to avoid an unsolicited $54B acquisition offer from Valeant Pharmaceuticals (VRX), Allergan (AGN) filed a request in a California court for a judge to hinder Bill Ackmanís Pershing Square from voting its 10% stake at the December shareholder meeting, according to Bloomberg, citing the filing. A hearing regarding Allergan's request is set to occur on October 28. Reference Link
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