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Stock Market & Financial Investment News

News Breaks
June 23, 2014
08:08 EDTAGNAllergan board unanimously rejects unsolicited exchange offer from Valeant
Allergan (AGN) announced that its Board of Directors, after consultation with its independent financial and legal advisors, unanimously determined that Valeant Pharmaceuticals International's (VRX) unsolicited exchange offer to acquire all outstanding common shares of Allergan is grossly inadequate, substantially undervalues the company, creates significant risks and uncertainties for Allergan stockholders, and is not in the best interests of the company and its stockholders. Accordingly, the Board strongly recommends that Allergan stockholders not tender any Allergan shares to Valeant. Pursuant to the Valeant exchange offer, Allergan stockholders would exchange each share of common stock of the company for 0.83 shares of Valeant common stock and $72.00 in cash, or subject to proration, an amount of cash or a number of Valeant common shares with the implied value set forth in the exchange offer. The company noted that the implied value of the Exchange Offer is $173.20 per share, based on the closing price of Valeantís stock on June 20, 2014, which is substantially lower than the initial $179.25 per share implied value of Valeantís May 30, 2014 re-revised proposal, which also included a contingent value right that is not included in the Exchange Offer. ďOur Board is unanimous in its determination that Valeantís unsolicited exchange offer is grossly inadequate, substantially undervalues Allergan, and is not in the best interests of Allergan and its stockholders," said David E.I. Pyott, Allergan's Chairman of the Board and CEO. ďThe Board strongly recommends that Allergan stockholders reject Valeantís exchange offer and prevent Valeant from taking control of Allergan at a price that does not appropriately reflect the underlying value of Allerganís assets, operations and prospects, including our industry-leading position and projected growth opportunities. Allergan has a track record of consistently acting in the best interests of its stockholders and the Board continues to be confident that Allergan will create significantly more value than Valeantís proposal.Ē
News For AGN From The Last 14 Days
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December 19, 2014
10:59 EDTAGNActavis considering bid for Spain based Almirall, Bloomberg reports
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December 17, 2014
10:53 EDTAGNAckman says 'will take hard look' at Valeant shares after restrictions end
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10:02 EDTAGNOn The Fly: Analyst Downgrade Summary
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06:28 EDTAGNAllergan downgraded to Neutral from Buy at UBS
UBS downgraded Allergan (AGN) to reflect acquisition by Actavis (ACT).
December 16, 2014
09:28 EDTAGNAllergan to host special shareholder meeting
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08:53 EDTAGNActavis accretion targets look more achievable, says Sterne Agee
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07:40 EDTAGNActavis reports Saunders to lead combined company as CEO
Actavis (ACT) announced the planned senior management team that will lead the global pharmaceutical company following the successful close of the acquisition of Allergan (AGN), anticipated in the second quarter of 2015. Brent Saunders will continue to lead Actavis as CEO and President and a member of the Board of Directors. Paul Bisaro will remain Executive Chairman of the board of directors. The company noted that it anticipates continuing to define the subsequent management levels within the global organization as rapidly as possible between now and the close of the acquisition. Actavis announced that, following the close of the acquisition, its global brand sales and marketing will be structured into three organizations: International Brands, Branded Pharma and Allergan Medical. "Although we are acting rapidly in announcing these appointments, we are making them following extensive discussions with David Pyott, Chairman and CEO of Allergan, and his executive leadership team. We believe that by announcing the proposed structure of the combined organization our shareholders, customers and employee teams will better appreciate our commitment to create the most dynamic company in Growth Pharma and will share our confidence in seamless execution of this combination beginning on Day 1," Saunders said.
December 15, 2014
10:00 EDTAGNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: UPS (UPS) downgraded to Hold from Buy at Deutsche Bank... CGG SA (CGG) downgraded to Underperform from Market Perform at Raymond James... Ford (F) downgraded to Hold from Buy at Deutsche Bank... Cenovus Energy (CVE) downgraded to Market Perform from Outperform at BMO Capital... Cobalt (CIE) downgraded to Neutral from Buy at Goldman... Gastar Exploration (GST) downgraded to Neutral from Buy at SunTrust... Itau Unitbanco (ITUB) downgraded to Neutral from Buy at Goldman... Methanex (MEOH) downgraded to Outperform from Strong Buy at Raymond James... OGE Energy (OGE) downgraded to Hold from Buy at Jefferies... SandRidge Energy (SD) downgraded to Neutral from Buy at SunTrust... Sempra Energy (SRE) downgraded to Neutral from Overweight at JPMorgan... HollyFrontier (HFC) downgraded to Neutral from Buy at BofA/Merrill... CNA Financial (CNA) downgraded to Market Perform from Outperform at William Blair... Allergan (AGN) downgraded to Hold from Buy at Stifel... RF Micro Devices (RFMD) downgraded to Neutral from Buy at DA Davidson.
07:58 EDTAGNAllergan downgraded to Hold from Buy at Stifel
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December 9, 2014
09:31 EDTAGNZoetis drops after report of Valeant abandoning growth by acquisitions strategy
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06:14 EDTAGNAllergan price target raised to $245 from $210 at Citigroup
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December 8, 2014
07:29 EDTAGNUBS to hold investor trip
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07:18 EDTAGNUBS to hold investor trip
2014 Annual West Coast Investor Trip travels on the West Coast on December 8-10.

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