- Allergan (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)
From other sites
at CNBC.com (Feb 18, 2015)
at CNBC.com (Feb 10, 2015)
at CNBC.com (Jan 26, 2015)
at CNBC.com (Jan 14, 2015)
at CNBC.com (Jan 13, 2015)
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