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Allergan Board Turns Down Valeant’s Latest $54 Billion Bid

June 10 (Bloomberg) -- Allergan Inc.’s board rejected the latest offer by Valeant Pharmaceuticals International Inc. and investor Bill Ackman, calling it undervalued.

Allergan, based in Irvine, California, 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 the maker of Botox at about $54 billion.

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