Actavis will pay $66bn in cash and stock for Allergan, which at $219 per share will generate significant returns for the Botox (onabotulinumtoxinA) maker's shareholders, including a multibillion-dollar payday for Allergan's largest shareholder Pershing Square Capital Management.
Actavis's offer gives Allergan investors $129.22 in cash plus 0.3683 Actavis shares per outstanding Allergan share – terms that put...






