Allergan Rejects Valeant's C$46 Bln Offer - Quick Facts

(RTTNews) - Allergan Inc. (AGN) announced Monday that it rejected the C$46 billion cash and stock offer by Canadian drug maker Valeant Pharmaceuticals International Inc. (VRX, VRX.TO), saying that the proposal substantially undervalues Allergan and is not in the best interests of the Company and its stockholders.

Allergan also said that it expects to increase earnings per share by 20 to 25 percent and continue to generate double digit revenue growth in 2015. Additionally, the Company expects to produce double digit sales growth and produce earnings per share compounded annual growth of 20 percent over the next five years.

In April, Valeant announced that it submitted a merger proposal to acquire Allergan for C$48.30 in cash and 0.83 Shares of Valeant stock for each Allergan share. The offer valued Allergan at around C$46 billion.