The eighth largest investor in Allergan Inc. (NYSE: AGN), joined a group of investors concerned the Botox-maker may seek an acquisition of Salix Pharmaceuticals Ltd. (NYSE: SLXP), in an effort to prevent a $54 billion takeover attempt by Bill Ackman and Valeant Pharmaceuticals International Inc. (NYSE: VRX). Jackson Square Partners Chairman and CIO Jeff Van Harte said Allergan should not complete a deal prior to a December 18 shareholders meeting, according to Bloomberg.
T. Rowe Price Group Inc. (NASDAQ: TROW), Allergan's third-largest shareholder, expressed its opposition on Friday to any Allergan acquisition ahead of the meeting. Allergan rejected a bid in June from Valeant, consisting of $72 in cash and 0.83 Valeant shares for each Allergan share. Dow Jones reported on September 22 that Allergan was in talks to acquire Salix, in a deal valued at more than $10 billion.
Allegan shares closed Friday at $178.00, a gain of $3.12, Valeant shares gained $1.19, to close at $128.99 and Salix closed down $4.56 at $161.77.
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