Allergan rejects Valeant exchange offer, makes recommendation to stockholders

Allergan’s board of directors has unanimously rejected Valeant Pharmaceuticals’ unsolicited exchange offer to acquire all outstanding common shares of Allergan, the company announced in a press release.Upon consulting with independent legal and financial advisors, the board determined the offer was “grossly inadequate, substantially undervalues the company, creates significant risks and uncertainties for Allergan stockholders, and is not in the best interests of the company and its stockholders,” according to the release.