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PFE - AbbVie And Allergan - Take Advantage Of AbbVie's Share Price Drop
Pfizer Inc.
AbbVie (NYSE: ABBV) recently announced a plan to acquire Allergan (NYSE: AGN) for more than $60 billion. That's a sharp drawdown from Pfizer's (NYSE: PFE) offer to buy the company for $160 billion in 2015, a deal that ultimately didn't work out after tax law changes ended one of the major benefits of the deal, which was to allow Pfizer to lower its taxes by $1 billion annually.
Still, AbbVie's acquisition offer was 45% above Allergan's closing stock price before the deal, although that's more like 35% after AbbVie's stock price drop.