Shares of Allergan tumbled on Wednesday making it TheStreet's Move of the Day. TheStreet's Joe Deaux reports that the company known for making the wrinkle removing drug Botox received an increased offer from Valeant Pharmaceuticals that would value Allergan at around $166 a share, which was higher than the original offer valued at $153 a share. Investors, though, punished the stock as the new offer didn't reach expectations on both ends of the deal. Valeant CEO J. Michael Pearson wrote in a letter to Allergan CEO David Pyott: "Our increased offer provides additional immediate value to the Allergan shareholders -- we note that the cash portion of our revised offer alone represents approximately 50% of Allergan's unaffected share price"
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