Allergan rejects Valeant's offer

As expected, Allergan's (AGN) BOD unanimously rejects Valeant Pharmaceuticals' (VRX) latest offer of $72 in cash plus 0.83 shares of VRX for each share of AGN. It says that the offer is grossly inadequate, substantially undervalues the company, creates significant risks and uncertainties for AGN shareholders and is not in the best interests of the firm and its shareholders. It strongly recommends that Allergan stockholders not tender any shares to Valeant.

Schedule 14D-9

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