Allergan Slides Following Rejection of Valeant Takeover Bid

Shares of Allergan lost one percent on Monday, making it TheStreet's move of the day. The drugmaker rejected Valeant Pharmaceuticals International's $47 billion takeover bid, calling its rival's business model unsustainable and saying that too much uncertainty remains about Valeant's long-term outlook. Allergan said in a letter to Valeant CEO Michael Peterson on Monday, "[Your] Proposal includes a large stock component, which we believe is a risk for Allergan stockholders due to the uncertainty surrounding Valeant's long term growth prospects and business model." TheStreet's Joe Deaux breaks down the move from New York.