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Allergan adopts poison pill following $47B hostile bid

Apr. 23, 2014 2:50 AM ETAllergan plc (AGN) StockBy: Yigal Grayeff, SA News Editor4 Comments
  • Allergan (NYSE:AGN) has adopted a one-year stockholder rights plan following a $47B hostile takeover bid from Valeant (VRX) and Bill Ackman's Pershing Square.
  • If any unapproved investor purchases 10% or more of Allergan's stock, other shareholders will have the right to acquire discounted shares. The plan would prevent Ackman from significantly increasing his 9.7% stake and it would stop Valeant from taking its offer directly to shareholders.
  • Allergan said the plan is not designed to prevent a takeover bid that directors are in favor of; rather it "aims to provide the board with adequate time to fully assess any proposal." (PR)

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