Why Allergan (AGN) Stock Is Down Today

NEW YORK (TheStreet) -- Allergan  (AGN) fell Wednesday after Valeant Pharmaceuticals  (VRX) increased its offer for the Botox maker.

Valeant upped the offer to $58.30 a share in cash from $48.30 a share and also included a contingent value right that could be worth an additional $7.6 billion. The stock portion of the offer stayed the same at 0.83 shares of Valeant for each share of Allergan.

The offer values Allergan at $49.44 billion, or $166.16 a share as of Tuesday's closing price of $165.02. This is approximately 8.6% greater than the previous bid of $47 billion, or $153 a share, on April 22 when Valeant and activist investor William Ackman first made an offer. Allergan rebuffed that proposal and said the Canadian company had overstated potential savings from the deal.

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The stock was down 4.25% to $158 at 11:48 a.m.

AGN Price Chart

AGN Price data by YCharts

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