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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Allergan plc | NYSE:AGN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 193.02 | 0 | 01:00:00 |
By Chelsey Dulaney And George Stahl
Pershing Square Capital Management LP on Tuesday formally withdrew its request for a special meeting of Allergan Inc. shareholders, another indication that the firm plans to end its pursuit of the Botox maker.
The decision by the firm controlled by activist investor William Ackman comes a day after Allergan agreed to be purchased by Actavis PLC for $66 billion in cash and stock. Valeant Pharmaceuticals International Inc., with the support of Mr. Ackman, had bid $53 billion for Allergan and had spent the past half-year trying to close the deal.
Pershing, as part of Valeant's push, had sought to shake up Allergan's board at a special meeting in one month. The withdrawal request Tuesday is another signal that Valeant and Mr. Ackman are ending their hunt for Allergan.
On Monday, Valeant had said it wouldn't be able to justify matching or topping Actavis's price of $219 a share for Allergan, though it said it would continue reviewing its options. The latest bid from the Canadian pharmaceutical company was $180 a share, with people familiar with the matter having said they were considering a bump of $15 per share.
Valeant and Pershing are expected to profit despite potentially walking away from the deal. The duo built a stake in Allergan at an average price of about $128.12 a share, meaning they are sitting on a profit of about $2.6 billion, according to filings.
Valeant would be due to get about $440 million, while Pershing Square stands to make about $2.2 billion at the deal price.
Separately on Tuesday, Actavis outlined new details of its planned acquisition of Allergan, including plans to appoint two Allergan directors to its board and a $2.1 billion breakup fee.
Allergan and Actavis expect a deal, which must be approved by shareholders and regulators, would close in the second quarter and be add to earnings within the first year. The combined company is expected to have $23 billion in sales next year, more than 30,000 employees and a market capitalization of $128 billion, about 12 times Actavis's equity value just two years ago.
Actavis's board currently has 14 directors, including Chief Executive Brent Saunders, according to the company's website.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com and George Stahl at george.stahl@wsj.com
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