Actavis Reportedly In Talks To Buy Allergan For At Least $60 Bln

(RTTNews) - Actavis Plc (ACT) is in talks to acquire Botox maker Allergan Inc. (AGN) for at least $60 billion, or more than $200 per share, with a possible agreement as little as two weeks away, Bloomberg reported Wednesday, citing people with knowledge of the matter.

The two companies are trying to narrow a gap of about $3 billion between what Actavis wants to pay and what Allergan is asking for, Bloomberg quoted two of the people as saying. Allergan is seeking more than $210 a share while Actavis wants to pay closer to $200.

Although the talks could drag on, and there's no certainty that the two sides will reach an agreement, Allergan is trying to strike a deal before an investor meeting on Dec. 18, the people said, according to Bloomberg.

The news of talks with Actavis comes at a time when Allergan is trying to fend off a hostile takeover bid from Canadian drugmaker Valeant Pharmaceuticals International Inc (VRX.TO, VRX), which is supported by activist investor Bill Ackman's Pershing Square Capital Management LP.

Meanwhile, Allergan said earlier Wednesday that its Board of Directors has approved amendments to the company's bylaws that streamline the process associated with calling a special meeting of shareholders.

Allergan shares are currently trading at $196.40, up $1.06 or 0.54%, while Actavis shares are currently trading at $242.67, down 96 cents.