Valeant Pharma Begins Exchange Offer For Allergan

(RTTNews) - Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) has commenced an exchange offer for Allergan, Inc.'s (AGN) common stock, taking its May 30th proposal directly to Allergan stockholders. Pursuant to the offer, Allergan stockholders can elect to exchange each of their Allergan shares for $72.00 in cash and 0.83 Valeant common shares, or an amount of cash, or a number of Valeant common shares, in each case subject to proration.

The offer is slated to expire at 5:00 p.m., New York City time, on August 15, 2014, unless the offer is extended. Valeant plans to complete a second-step merger promptly following the consummation of the exchange offer to purchase the remaining Allergan shares.

Further, Valeant indicated that it remains willing to provide shareholders with a contingent value right related to DARPin sales, provided Allergan engages in negotiations to work out the exact terms.