Valeant bids $47B for Allergan

|About: Allergan plc (AGN)|By:, SA News Editor

In a cash-and-stock deal valuing Allergan (AGN +15.3%) at $152.88/share, Canadian firm Valeant Pharmaceuticals (VRX +5.2%) offers $48.30 in cash and 0.83 shares of its common stock in an unsolicited bid for the Botox maker.

VRX believes is can wring out at least $2.7B in annual cost savings with the merger but some analysts believe too-aggressive cost cutting could damage AGN's business.

Traders expect VRX to sweeten its offer, though. Shares currently exchange hands at $164.