1. 'Losing direction': Allergan Investors are Unhappy After a Wild 4 Hour Takeover Drama

    'Losing direction': Allergan Investors are Unhappy After a Wild 4 Hour Takeover Drama
    • Allergan's stock closed down 4% on Thursday, after the pharma giant said it was "in the early stages of considering a possible offer" for UK-listed Shire, only to say four hours later that it wouldn't make an offer.
    • The drama extends what's been a tough year for the Botox-maker, with the stock vastly underperforming the broader biotech index...
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    1. We noted the market generally did not like the idea of large transactions for Allergan.
    2. Allergan continues its ongoing process of evaluating a full range of potential strategic actions that will create value for shareholders, such as divestitures, combinations and acquisitions.
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