Botox-maker Allergan sold for $US66b to Actavis
Allergan, the maker of Botox, has resisted selling itself to another company for most of the year. On Monday, however, it agreed to be acquired by Actavis, another big drugmaker, for $US66 billion ($75.8 billion).
The agreed deal is worth $US219 a share in cash and stock and presents a monumental roadblock for Valeant Pharmaceuticals and the hedge fund manager William A. Ackman, the unlikely consortium that teamed up in April to start what became a hostile bid for Allergan.
After seven months of bids, bluster and lawsuits, Valeant and Ackman’s firm, Pershing Square Capital Management, may finally give up their efforts to buy Allergan.
Instead, Actavis appears poised to make its biggest deal ever, and the biggest acquisition so far in a year full of mega-deals, eclipsing the $US45 billion Comcast takeover of Time Warner Cable and AT&T’s $US48.5 billion purchase of DirecTV. Sydney Morning Herald – Read more…
The agreed deal is worth $US219 a share in cash and stock and presents a monumental roadblock for Valeant Pharmaceuticals and the hedge fund manager William A. Ackman, the unlikely consortium that teamed up in April to start what became a hostile bid for Allergan.
After seven months of bids, bluster and lawsuits, Valeant and Ackman’s firm, Pershing Square Capital Management, may finally give up their efforts to buy Allergan.
Instead, Actavis appears poised to make its biggest deal ever, and the biggest acquisition so far in a year full of mega-deals, eclipsing the $US45 billion Comcast takeover of Time Warner Cable and AT&T’s $US48.5 billion purchase of DirecTV. Sydney Morning Herald – Read more…
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