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Replies to post #177074 on Biotech Values
04/21/14 4:32 PM
AGN—Apparently Bill Ackman is teaming up with Valeant to offer a takeout bid. Just reported by a CNBC news flash.
04/21/14 4:41 PM
William Ackman and Valeant Pharmaceuticals International Inc. are teaming up to try to buy wrinkle-treatment Botox maker Allergan Inc, according to people familiar with the matter… Mr. Ackman's Pershing Square Capital Management LP has built a nearly 10% stake in Allergan, according to people familiar with the matter, worth about $4 billion and representing his biggest investment ever, the people said.
…The offer would likely be a combination of cash and stock, the person said, and Pershing Square would maintain a stake in the combined company. The extent of any discussions between Valeant and Allergan, of Irvine, Calif., was unclear. However, one of the people said the tag-team pursuit would be unsolicited.
The strange bedfellows of Valeant and Pershing Square came together after Mr. Ackman in February approached Valeant, a serial acquirer, and suggested he would look to help the Canadian company do a deal, the person said. Allergan as the target was Valeant's idea, the person said. Pershing Square started buying the stock shortly thereafter, the person said.
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