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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
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October 9, 2014
08:50 EDTAGNAllergan 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 EDTAGNActavis more inclined to pursue Allergan over Salix, says Citigroup
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October 7, 2014
18:29 EDTAGNOn The Fly: After Hours Movers
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18:05 EDTAGNValeant, Pershing Square plan to raise Allergan bid by $15 a share, WSJ says
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17:52 EDTAGNAllergan up 2.8% after Dow Jones says Valeant planning to boost bid for company
17:49 EDTAGNValeant up 3.9% after Dow Jones says planning to boost Allergan bid
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17:47 EDTAGNValeant, Pershing Square planning to boost Allergan bid by $15 a share, DJ says
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15:21 EDTAGNAllergan 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 EDTAGNAllergan 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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