Allergan: Valeant Offer Grossly Inadequate

Irvine-based Allergan issued a statement this morning calling the latest offer from Valeant as "grossly inadequate", saying the offer still "substantially undervalues" the company. Allergan reiterated its opposition to $53 billion hostile takeover. Valeant has been trying to take over Allergan since April. Allergan is a developer of eye care and other medical products.