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Allergan stock climbs amid $46-billion bid
Allergan stock climbs amid $46-billion bid

Canadian company Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman moved forward with their plans to acquire Botox maker Allergan Inc., offering shareholders about $46 billion and touching off what could be a contentious fight. Several industry analysts said they expect Allergan to reject the offer as too low, and said a fierce boardroom battle may be on the horizon. An issue certain to alarm Allergan is Valient's announced plans to slash research and development spending at the Irvine company. For a second day, Allergan's stock price shot up sharply, and the company issued a curt reply. The company said its board of directors "will carefully...

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