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Stock Market & Financial Investment News

News Breaks
June 17, 2014
08:19 EDTVRX, AGNValeant says 'clear' that Allergan 'will never sit down' with company
Valeant (VRX) says it remains committed to the Allergan (AGN) deal, that it has "a clear path to completion of a transaction" and that the company will "be patient since time is on our side." Valeant plans to launch an exchange offer this week to take its proposal directly to Allergan shareholders and said that Pershing has commenced Delaware litigation to facilitate the solicitation process. Valeant says a hearing on a motion to expedite is scheduled for June 19. Valeant says an application to the court has been made by holders of 10% of Allergan shares to call a meeting to elect replacement directors and that a meeting should be held within "approximately two months" of the application. Information from slides for Valeant Pharmaceuticals "webcast to correct recent misrepresentations."
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August 20, 2014
07:04 EDTAGNSalix buyout price could be near $192 per share, says William Blair
William Blair believes a combined Allergan (AGN) and Salix (SLXP) would be very attractive. The firm estimates a potential takeover price for Salix towards the high end of its $176-$192 per share range. Salix rose 16% yesterday to $160.80 after Wall Street Journal reported that Allergan approached the company and at least one other about a takeover.
August 19, 2014
17:14 EDTVRX, AGNOn The Fly: Closing Wrap
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16:52 EDTAGN, VRXAllergan all-cash deal would reduce hostile bid chances, says BMO Capital
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14:40 EDTAGNSterne Agee says Allergan could pay up to $190 for Salix and still be accretive
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13:13 EDTAGN, VRXAllergan approached Salix, one other about takeover, WSJ reports
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13:06 EDTAGNSalix jumps 6% to $147.85 after WSJ report of Allergan approach
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13:05 EDTAGNAllergan approached Salix about takeover, WSJ reports
August 18, 2014
15:59 EDTAGN, VRXAllergan CFO change may suggest strategic deal near, says BMO Capital
BMO Capital believes former Allergan (AGN) CFO Jeff Edwards would not be leaving if a change of control of the company, such as a takeover by Valeant (VRX), were in the future. Rather, BMO thinks Edwards' decision to leave could be a sign that a strategic transaction marking a new chapter in Allergan's growth may be nearing. The firm thinks Allergan is in capable hands with new CFO Jim Hindman and it keeps an Outperform rating on the stock with a $230 price target.
11:57 EDTAGNAllergan CFO departure largely unexpected, says Wells Fargo
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09:02 EDTAGNAllergan names Jim Hindman as CFO, effective immediately
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07:57 EDTAGNCambridge Healthtech Institute to hold a summit
6th Annual Bioprocessing Summit to be held in Boston on August 18-22.
August 15, 2014
17:03 EDTVRX, AGNValeant extends offer to acquire Allergan
Valeant Pharmaceuticals (VRX) announced that it has extended the expiration of its exchange offer to acquire all of the outstanding shares of Allergan (AGN) to December 31. The exchange offer was previously scheduled to expire August 15. All other terms and conditions of the exchange offer remain unchanged.
14:14 EDTAGN, VRXValeant being probed by IRS after Biovail deal, FT says
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09:45 EDTVRX, AGNEvent-driven funds, Pershing own over 20% of Allergan, CNBC reports
Event-driven hedge funds and Pershing Square owned over 20% of Allergan as of June 30, CNBC's David Faber reports. Valeant (VRX) and Pershing are seen as getting the over 30% to call a special meeting, Faber adds.
August 14, 2014
17:41 EDTVRXPoint72 Asset Management gives quarterly update on stakes
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17:16 EDTAGNPaulson & Co gives quarterly update on stakes
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17:02 EDTAGNPershing Square gives quarterly update on stakes
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14:28 EDTVRX, AGNAckman says Pershing, Valeant took no tender steps before buying Allergan shares
Bill Ackman made the statement to CNBC's Scott Wapner regarding his fund and Valeant's (VRX) pursuit of Allergan (AGN). Note that the Wall Street Journal reported earlier that the SEC is investigating Valeant and Pershing's pursuit of Allergan.
13:48 EDTAGN, VRXValeant, Pershing joint bid for Allergan being probed by SEC, WSJ says
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13:22 EDTVRX, AGNValeant, Pershing joint bid for Allergan being probed by SEC, DJ says
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