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Allergan Inc. (AGN) Tried To Take Over Shire Before Valeant Pharmaceuticals International (VRX), Ackman Came Along


4/25/2014 7:42:48 AM

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Allergan Inc approached Shire Plc in recent months about a possible takeover but was rebuffed, according to people familiar with the matter, in the latest example of a U.S. drugmaker seeking to buy an overseas rival to lower its tax rate. The preliminary approach for Shire, which is based in Ireland and has a market value of $33 billion, did not progress to serious discussions between the two companies, the sources said. Since then Allergan has received an unsolicited $47 billion takeover offer from Valeant Pharmaceuticals International Inc teamed up with activist investor Bill Ackman's Pershing Square Capital Management.

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