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Allergan trading higher on merger proposal from Valeant and Pershing Square

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Shares of Allergan, Inc. (NYSE:AGN) are soaring this morning on a merger offer by Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and Ackman’s Pershing Square Capital Management firm. Under the terms of the deal, Valeant would offer $48.30 per share in cash and 0.83 shares of Valeant common stock for each share of Allergan. The deal is worth $45.6 billion. Allergan produces Botox and eye care products. Pershing Square Capital Management owns a 9.7 stake in Allergan and is driving the proposed merger. The merger is a joint effort between Pershing Square and Valeant. Allergan and Valeant are very compatible.