Allergan Coughs Up $15 Million for Failing to Disclose Merger Talks With Actavis
A unit of Botox maker Allergan Plc (AGN.N) will pay a $15 million penalty and admit to wrongdoing, after U.S. regulators on Tuesday accused the unit of failing to disclose 2014 merger talks with Actavis, the U.S. Securities and Exchange Commission said.
In a statement on Tuesday, the SEC said that the disclosure failures occurred in the months after the company received a tender offer from Valeant Pharmaceuticals International (VRX.TO) and co-bidder Pershing Square Capital Management, the hedge fund run by Bill Ackman.
Allergan resisted a seven month-long hostile pursuit by Ackman and Valeant, and in November 2014 announced it had accepted a $66 billion takeover bid from Actavis.
In a statement on Tuesday, the SEC said that the disclosure failures occurred in the months after the company received a tender offer from Valeant Pharmaceuticals International (VRX.TO) and co-bidder Pershing Square Capital Management, the hedge fund run by Bill Ackman.
Allergan resisted a seven month-long hostile pursuit by Ackman and Valeant, and in November 2014 announced it had accepted a $66 billion takeover bid from Actavis.