Allergan Receives Unsolicited Takeover Proposal

Irvine-based Botox maker Allergan acknowledged today it is the target of a $45.6 billion takeover attempt by a rival company.

Quebec-based Valeant Pharmaceuticals International Inc. has proposed acquiring all of the outstanding shares of Allergan for a combination of 0.83 of Valeant common shares and $48.30 in cash per share of common stock of the company.

Allergan's board of directors and legal advisers will review the unsolicited proposal and "pursue the course of action that it believes is in the best interests of the company's stockholders," according to a statement issued by the company, which advised its shareholders to take no action at present.

Goldman, Sachs & Co. and Bank of America Merrill Lynch are advising the company.

Last year, Valeant acquired Bausch & Lomb for $8.7 billion.

--City News Service