Valeant Extends Expiration of Offer to Acquire Allergan

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LAVAL, Quebec and IRVINE, Calif.— Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) has extended the expiration of its exchange offer to acquire all of the outstanding shares of Allergan, Inc. (NYSE: AGN) to 5:00 p.m., New York City time, on Dec. 31, 2014. The exchange offer was previously scheduled to expire at 5:00 p.m., New York City time, on Friday, Aug. 15, 2014.

All other terms and conditions of the exchange offer remain unchanged, according to an announcement from Valeant. The depositary of the exchange offer has advised that, as of 9:00 a.m., New York City time, on Aug. 15, 2014, a total of approximately 12,509,606 shares of Allergan common stock were validly tendered and not properly withdrawn in the exchange offer.

In related news, Allergan, Inc. (NYSE: AGN) announced that Jim Hindman has been named executive vice president, finance and business development, CFO, effective immediately. Hindman succeeds Jeff Edwards, who after 21 years of service to Allergan, including nine years in the CFO role, has decided to step down from the position due to family commitments. Edwards will remain employed by Allergan in a non-executive officer capacity to facilitate a smooth transition, the company said.

Mr. Hindman joined Allergan in 1984 and has served as senior vice president, treasury, risk and investor relations since 2002. Prior to that, he served in a variety of finance positions, including senior vice president, finance and controller, assistant corporate controller and vice president, financial planning and analysis. Hindman also serves as president of The Allergan Foundation.

Before joining Allergan, Hindman worked at Deloitte, Haskins and Sells. He has a B.S. in accounting from Loyola Marymount University, an M.B.A. from Pepperdine University and is a Certified Public Accountant (Inactive).

At VMail’s presstime, the Wall Street Journal was reporting that sources said Allergan was seeking a deal with Salix Pharmaceuticals to fend off Valeant’s hostile takeover bid, although neither company would comment officially on the report. Raleigh, North Carolina-based Salix makes products used to prevent or treat gastrointestinal disorders.