Valeant extends tender offer for Allergan to Dec. 31

|About: Valeant Pharmaceuticals Int... (VRX)|By:, SA News Editor

Valeant Pharma (NYSE:VRX) says it has extended the expiration of its tender offer for Allergan (NYSE:AGN) to Dec. 31. after the offer had been to expire at 5 p.m. EDT today.

The extension gives VRX and activist investor Bill Ackman more time to pursue AGN; Ackman's Pershing Square, which owns 9.7% of AGN, is seeking support from at least 25% of AGN shareholders to call a special meeting where it hopes to oust a majority of the board and eventually install nominees open to a friendly merger.