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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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February 20, 2015
07:08 EDTAGNAmerican Academy of Allergy, Asthma and Immunology to hold annual meeting
2015 Annual Meeting of AAAAI is being held in Houston, Texas on February 20-24.
February 19, 2015
07:40 EDTAGNActavis price target raised to $352 from $300 at Canaccord
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February 18, 2015
16:46 EDTAGNOn The Fly: Closing Wrap
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12:31 EDTAGNOn The Fly: Midday Wrap
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09:48 EDTAGNActavis Q4 'exceptional,' taking Allergan name 'wise,' says BMO Capital
BMO Capital says Actavis (ACT) is "firing on all cylinders" after reporting "exceptional" Q4 earnings on the strength of the company's North American Generics and International segment. BMO views the decision to adopt the Allergan (AGN) name as "wise" given the Botox maker's strong reputation. The firm keeps an Outperform rating on Actavis.
07:50 EDTAGNActavis CEO says company gave appropriate guidance to analysts
Actavis (ACT) CEO Saunders said he believes that the company did provide appropriate guidance to analysts ahead of its earnings beat. Saunders sees the Allergan (AGN) deal closing by the end of this quarter or early next quarter. Saunders says tying R&D to a percentage of revenue "makes no sense to me," noting that Actavis will spend about $1.7B on R&D next year. Saunders says will do acquisition if opportunity arises, but not planning for M&A right now. Actavis CEO Brent Saunders is speaking on CNBC.
07:01 EDTAGNActavis announces intention to adopt 'Allergan' corporate name
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06:34 EDTAGNActavis sees Allergan transaction completed in late Q1 or early Q2
February 17, 2015
18:06 EDTAGNPaulson & Co gives quarterly update on stakes
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17:18 EDTAGNPershing Square gives quarterly update on stakes
NEW STAKES: Restaurant Brands International (QSR). INCREASED STAKES: Zoetis (ZTS), and Platform Specialty Products (PAH). DECREASED STAKES: Allergan (AGN). LIQUIDATED STAKES: None.
17:02 EDTAGNSoros Fund Management gives quarterly update on stakes
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13:52 EDTAGNEarnings Preview: Actavis near 52-week high ahead of Q4 earnings report
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