Allergan preparing renewed bid for Shire, Reuters says

Allergan (AGN), which held talks in recent months with Shire (SHPG) about a potential takeover but did not reach a deal, is preparing to to approach Shire again as it tries to fend off a hostile bid from Valeant (VRX), reported Reuters, citing people familiar with the matter. Note that Piper Jaffray stated in a note to investors earlier today that Allergan's best hope for fending off Valeant's hostile bid would be to merge with Shire. Shares of Shire, which have been higher since the open, jumped following the Reuters report and are now up 6.5% at $173 in late day trading.

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