Allergan to review Valeant's latest takeover offer

Allergan's board of directors have agreed to review the latest offer from Baush+Lomb parent Valeant to acquire all of Allergan's outstanding shares.

Under what Allergan described as an 'unsolicited exchange offer',  its stockholders would receive 0.83 shares of Valeant common stock and $72 in cash per Allergan share.  Allergan, a healthcare company with a staff of 11,600, advised its shareholders to take no action while the board reviewed the offer.

Allergan turned down a previous offer from Valeant earlier this month, with the board determining that it substantially undervalued Allergan, created significant risks and uncertainties for the stakeholders of Allergan and was not in the best interests of Allergan and its stockholders.