Allergan trims fat to halt takeover

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Allergan is trimming the fat as part of efforts to head off a possible takeover by Valeant, two sources confirmed to Bloomberg. The company's restructuring plan is thought to include company-wide cost cuts, including some “legacy expenses,” the news service reported.

Allergan has rebuffed Valeant's last three offers since April, saying the offers do not reflect Allergan's value. Allergan CEO David Pyott set a five-year plan for cost-cutting targets in motion after the company rejected Valeant's initial bid.

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