US-based pharmaceutical giant Allergan has reportedly formally rejected an acquisition bid of nearly $50 billion for the company, proposed by Canadian peer Valeant Pharmaceuticals.
According to reports, Allegan shot down the offer because it “substantially undervalues Allergan, creates significant risks and uncertainties for the stockholders of Allergan, and is not in the best interests of the company and its stockholders.”
Valeant first announced plans to make a buyout attempt of the US company last month, though noted that it had already faced failures in its acquisition efforts.
Allergan is the maker of the popular Botox product.
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