Allergan confirms receipt of takeover bid from Valeant Pharmaceuticals

IRVINE, Calif. — Allergan on Tuesday confirmed that it has received an unsolicited proposal from Valeant Pharmaceuticals to acquire all of the outstanding shares of the company for a combination of 0.83 of Valeant common shares and $48.30 in cash per share of common stock of Allergan.

The Allergan board of directors, in consultation with its financial and legal advisers, will carefully review and consider the proposal and pursue the course of action that it believes is in the best interests of the company’s stockholders. The company’s stockholders do not need to take any action at this time, Allergan stated. 

Goldman, Sachs and BofA Merrill Lynch are serving as financial advisers to Allergan, and Latham & Watkins is serving as legal counsel to the company.