If Allergan CEO David Pyott were to do it all over again, he says he would be just as aggressive.
Last year, Allergan became the target of a coordinated hostile takeover bid from activist investor Bill Ackman and rival pharmaceutical company Valeant. The M&A battle was one of the most contentious in recent memory. To fend off the attack, Allergan AGN 0.82% said Valeant’s financial reports were opaque and potentially misleading. It called Valeant’s business model unsustainable. And, eventually, it sued Valeant VRX -0.30% and Ackman, accusing both of them of fraud and insider trading.
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