Allergan, Inc. AGN (“Allergan” or the “Company”) today issued the
following statement in response to Valeant Pharmaceuticals International,
Inc.'s VRX October 27, 2014 letter to the Allergan Board of Directors.
Delivering value to Allergan's stockholders remains the Board's highest
priority. If Valeant were to make an increased offer, the Board would
carefully consider it and respond in due course. However, to date, as we have
noted repeatedly, Valeant's offers have been grossly inadequate and
significantly undervalued Allergan.
We believe Valeant's letter today is simply a tactic to distract investors
from Allergan's outstanding third quarter results. Valeant's letter does not
indicate an increased exchange offer price nor does it disclose the mix of
consideration -- instead, Valeant goes to great lengths to defend its own
stock price and to disparage Allergan, including making what we believe to be
disparaging remarks about Allergan and its stock price. The Allergan Board has
taken a number of actions over the past six months that have delivered
tangible value to our stockholders and will continue to do so in the future.
Wall Street analysts have recognized these actions and significantly raised
the floor for a standalone Allergan. Allergan believes that any assertion that
Allergan's stock would be trading near its first quarter trading price absent
the Valeant offer is not substantiated by fact. We also note that a number of
long Allergan stockholders that have decreased their Allergan positions have
told Allergan that they did so as they do not want to own Valeant stock.
With the release of our third quarter results, Allergan continues to
accelerate the delivery of value to its stockholders.
Goldman, Sachs & Co. and BofA Merrill Lynch are serving as financial advisors
to the Company and Latham & Watkins, Richards, Layton & Finger, P.A. and
Wachtell, Lipton, Rosen & Katz are serving as legal counsel to the Company.
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