AGN again rejects VRX—the problem remains that VRX stock is not a desirable currency (#msg-102940018): http://finance.yahoo.com/news/allergan-board-unanimously-rejects-revised-122000674.html The [AGN] Board also considered how the second revised proposal creates significant risks and uncertainties for Allergan stockholders due to, among other things: • Valeant’s unsustainable business model relies on serial acquisitions and cost reductions, as opposed to top-line revenue growth and operational excellence; • A lack of clarity surrounding Valeant’s growth potential because of Valeant’s opaque pro-forma driven financial reporting, which provides, among other things, limited insight into how past acquisitions and products are performing… …the Allergan Board has serious concerns about the large stock component of your proposal, and the recent presentations by both you and Pershing Square did nothing to address the issues we previously raised. The Allergan Board must seriously consider the many questions around the sustainability of Valeant’s business model as they directly impact the total future consideration for our stockholders. AGN’s updated slide set is at http://t.co/NwQwyCp9C4 .