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Allergan acquisition is ‘a major bailout’ for shareholders, according to analysts

Shares of Allergan Plc soared Tuesday after news broke that the company was being acquired by pharmaceutical giant AbbVie Inc. in a deal worth about $63 billion.

The Wall Street Journal broke the news Tuesday morning, shortly before the companies released a joint press statement announcing the deal. The Wall Street Journal and MarketWatch share common ownership.

Allergan’s stock AGN, +26.38% soared 28% in morning trade toward a 7-month high, while shares of AbbVie ABBV, -15.48% fell 13% toward a 2-year low.

Under the terms of the deal, Allergan shareholders will receive $188.24 in cash and stock for each Allergan share — a 45% premium over Botox maker’s closing share price on Monday.

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