Pershing Square Activist Presentation Deck
Management
is Considering Making Acquisitions
of its Own to Thwart an Attractive Bid
David Pyott, Allergan CEO, 8-K filed May 19, 2014:
"We listened carefully to investors' perspectives and heard that they
would like to see us harnessing this financial strength to create even
more stockholder value by, among other suggestions, either
purchasing growth oriented companies or technologies that fit our
strategy and operating model, and/or buying back Allergan stock."
Jeff Edwards, Allergan CFO, Conference call, May 12, 2014:
"As you know, historically we produced strong free cash flow as well
and we've managed to deploy a lion's share of that free cash flow. The
number one priority is always business development, so M&A. By all
means we will continue looking aggressively for opportunities across
the therapeutic areas we presently do business, but also looking for
adjacencies or other specialty areas that could provide significant
value."
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