Allergan says a May 30 offer from the Canadian drugmaker and activist investor Bill Ackman's Pershing Square Capital Management still substantially undervalues Allergan Inc. and creates too much risk for shareholders. Allergan also says the deal doesn't offer enough value to warrant discussions between the companies.
That deal amounts to around $53 billion. It includes $72 in cash and a portion of Valeant Pharmaceuticals International Inc. stock for each Allergan share and was up from a previous bid that involved $58.30 in cash and the stock portion.
Ackman is a big Allergan shareholder. He has said he will move to replace most of Allergan's board.