Allergan Responds to New Merger Proposal

Allergan is advising its stockholders to take no action at this time in response to a revised, unsolicited proposal from Valeant Pharmaceuticals International to acquire all of the outstanding shares of Allergan for a combination of 0.83 of Valeant common shares, $58.30 in cash per share of common stock of company, and a Contingent Value Right (CVR) related to DARPin sales.

In a release issued by the company, Allergan said that its Board of Directors will carefully review and consider the revised proposal and pursue the course of action that the board believes is in the best interests of the company and all of its stockholders.

The company noted that on April 22, 2014, Valeant proposed acquiring all of the outstanding shares of Allergan for 0.83 shares of Valeant stock and $48.30 in cash. After a comprehensive review—conducted in consultation with its financial and legal advisors—the board unanimously concluded that the proposal substantially undervalued Allergan, created significant risks and uncertainties for the stockholders of Allergan, and was not in the best interests of the company and its stockholders.

Following that decision, the company announced that it had received a strong outpouring of support from its customers. In more than 500 letters sent to Allergan, physician customers, patient advocacy groups and medical associations expressed their appreciation for the company's many contributions in the fields of research and development, product innovation, market creation, and physician support and services. A selection of the letter received are available on the company’s website,

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