Allergan (AGN +0.2%) shares tick higher after reporting the expiration of its tender offer to purchase all of the outstanding common shares of MAP Pharmaceuticals (MAPP) for $25 per share. The tender offer acquired about 75.1% of all outstanding shares, satisfying a majority. In order to complete a short-form merger, AGN says it will exercise a top-up option in which it will purchase newly issued shares in order to own one share more than 90% of shares outstanding. Separately, Wedbush cuts the shares to Neutral on the news.
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