Generic

Actavis Enters the Allergan Buy-Out Game as Allergan Fights Valeant's Hostile Bid

Nov 12, 2014

Bloomberg

According to Bloomberg sources, Actavis is in talks to acquire Allergan Inc. for at least $60 billion, surpassing Valeant's highest proposed bid of $56 billion.

Bloomberg sources report that Allergan is seeking more than $210 a share while Actavis wants to pay closer to $200, but the two companies are working to narrow the gap.

Allergan, seeking to fend off a hostile bid from Valeant Pharmaceuticals, is trying to strike a deal before an investor meeting on Dec. 18, when shareholders will vote on Valeant and Ackman’s proposal to remove Allergan directors, with a plan to eventually replace them with those who more amenable to Valeant’s offer.

Generic drugmaker Actavis acquired Forest Laboratories for $25 billion last February, Silom Medical for $100 million in April , and Furiex Pharmaceuticals for $1.1 billion in July.

Read the Bloomberg story