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AGN - Merger Arb Trade Review: AbbVie And Allergan
Allergan plc
Introduction
AbbVie (ABBV) and Allergan (AGN) announced their plans to merge on June 25, 2019. Initial market reaction was negative with a nearly 10% drop in the two days following the announcement, followed by a bounce and an even bigger drop, bottoming out in mid-August. Not long afterward, I suggested a merger arb trade involving selling AbbVie and using the proceeds along with some extra cash to buy Allergan. At the close of the merger, the AbbVie shares would net out, leaving the investor with a return of about 17% on