Valeant, Pershing Square Plan to Raise Their Allergan Offer

Valeant Pharmaceuticals said it plans to raise its takeover offer by $15 a share for Allergan ahead of a December shareholder meeting, according to people familiar with the matter. Valeant, which made the hostile bid along with activist investor Bill Ackman’s Pershing Square Capital, could boost the offer sooner than December if a rival bidder for Allergan emerges. This would mark the third time Valeant and Pershing Square will have raised their offer for Allergan, after first approaching the company back in April. The current offer - of cash and stock - values Allergan at about $176 a share, the $15 boost would make it about $191 a share.