Valeant Pharmaceuticals International has launched its latest strategy in the hostile bidding for Botox maker Allegan Inc. The target of the $54 billion, unsolicited takeover attempt has repeatedly attempted to thwart the suitor's buyout advances, only to see Valeant come at it with another maneuver. The latest: Valeant says it wants to launch an exchange offer for Allegan's shares, which would force Allegan shareholders to express their thoughts on the bid. Valeant is being backed by hedge fund activist Pershing Square Capital, which already owns nearly 10% of Allergan shares, and may attempt to force a vote this fall.

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