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Allergan board rejects latest Valeant offer
Allergan board rejects latest Valeant offer

The board of Botox maker Allergan Inc. unanimously rejected an increased buyout offer from a Canadian pharmaceutical company as the closely watched acquisition effort showed no signs of a resolution. Valeant Pharmaceuticals International Inc. last month sweetened its offer for the Irvine company to about $53 billion in cash and stock, but Allergan chief David E.I. Pyott said in a statement Tuesday that it was still not good enough. "Valeant's revised proposal substantially undervalues Allergan, creates significant risks and uncertainties for Allergan's stockholders and does not reflect the company's financial strength, future revenue and earnings growth or...