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Botox maker turns down USD54bn offer

Tuesday, June 10 15:17:24

Allerganís board rejected the latest offer by Valeant Pharmaceuticals International Inc. and investor Bill Ackman, calling it undervalued.

Allergan, based in California and the maker of Botox, said in a statement that it turned down the offer of $72 a share in cash and 0.83 a share of Valeant stock.

The deal valued Allergan at about $54 billion.