Large Allergan Inc. Investor Sells Most Of Stake

Allergan's largest holder as of the end of March, Capital Research and Management, has sold nearly all of its stake in the company, The Wall Street Journal reported Monday. According to people close to the matter, Capital Research and Management sold the shares, representing a 6.3-percent stake, after meeting with Allergan CEO David Pyott. Sources noted that the sale indicates that Capital Research and Management didn't see Allergan's share price rising much above Valeant Pharmaceuticals' $53-billion hostile offer.

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