Allergan Gets Hostile Bid From Valeant

Irvine-based healthcare firm Allergan has received a hostile bid from Valeant Pharmaceuticals, in a deal worth around $152.89 per share. Valeant offered to pay $48.30 in cash plus 0.83 percent in Valeant stock for each share of Allergan's stock, in a proposal released via an SEC filing. According to Allergan, it has had no discussions with either Valeant or backer Pershing Square on the proposal, and only became aware of its via those public filings; Allergan said it will consider the offer and proposal, once it is received by the company.