- A unit of Allergan (NYSE:AGN) will pay a $15M penalty and admit to wrongdoing for failing to disclose 2014 merger talks with Actavis, the SEC reports.
- AGN resisted a seven month-long hostile takeover pursuit by Bill Ackman's Pershing Square hedge fund and Valeant Pharmaceuticals before announcing it had accepted a $66B bid from Actavis, but the SEC says AGN had told investors that Valeant's bid was inadequate and that it was not in merger talks.
- AGN says the SEC had not charged the parent company and that the filings at issue pre-dated the company's acquisition by Actavis.