Allergan in discussions with another party after approach
Reuters
Published Nov 06, 2014 10:06AM ET
Updated Nov 06, 2014 10:40AM ET
Allergan in discussions with another party after approach
(Reuters) - Allergan Inc (N:AGN) on Thursday said that it is currently in discussions with another party that a source familiar with the situation identified as Actavis Inc (N:ACT), just days after the company disclosed that it had been approached.
The discussions about a potential merger transaction could lead to "negotiations," Allergan said in a regulatory filing with the Securities and Exchange Commission related to its Dec. 18 meeting with shareholders.
Allergan is fighting a $54 billion hostile takeover by Valeant Pharmaceuticals International (TO:VRX) and Pershing Square Capital Management, saying that Allergan's growth will be diminished and that Valeant will cut costs too deeply.
Allergan had been holding off on talks with Actavis because it was waiting for a California judge to decide on its request for an injunction to stop William Ackman, head of Pershing Square, from voting at the shareholder meeting, a second source familiar with the situation previously told Reuters. The judge cleared the path for Ackman to vote his shares earlier this week by ordering Valeant and Pershing to add disclosures to their proxy filing, which the companies said they would.
(Reporting by Caroline Humer; Editing by Alden Bentley)
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