Allergan on Tuesday night said that its board of
directors had adopted a one-year stockholder rights plan to give it
more time to consider takeover proposals. The Valeant offer was made
with Pershing Square Capital Management hedge fund, which built up a
stake in the company.
"We are disappointed, but on the other hand, I think this deal will
get done," Valeant CEO Michael Pearson said on Wednesday.
(Reporting by Caroline Humer; editing by Chizu Nomiyama)
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