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Allergan adopts 'poison pill' defense in Valeant takeover bid
Allergan adopts 'poison pill' defense in Valeant takeover bid

Takeover target Allergan Inc., the company that makes Botox, has adopted a "poison pill" defense intended to delay a buyout by Canadian company Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman. The Irvine company's "stockholder rights plan" allows existing shareholders to buy Allergan stock at a steep discount if any single investor acquires more than 10% of its shares. That would drive down the value of the major investors' shares, making it unlikely that anyone would acquire that much stock. The move seeks to prevent Ackman, who disclosed this week that he had acquired 9.7% of Allergan's shares, from significantly...

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