Allergan rejects Pershing Square, Valeant proposals

Allergan announced in a press release today that its board of directors unanimously rejected the revised unsolicited proposal by Pershing Square and Valeant Pharmaceuticals, citing potential risks and uncertainties.On May 30, Valeant Pharmaceuticals revised its proposal to acquire Allergan, offering to exchange each Allergan share for $72 and maintain 0.83 shares of Valeant common stock, according to a company press release. The offer was an increase per share of about 21%, up from $58.30 made one week prior and was contingent on prompt good faith negotiations.

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