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AbbVie (ABBV) has been under pressure for more than a year since it made an all-time high in January 2018.
At the market close on Monday, before the market reaction on Tuesday from the announcement that ABBV was buying Allergan (AGN), ABBV was trading at $78 and change per share, a P/E of about 9.4, while AGN was trading $129 per share and change, a P/E of 7.8.
If bought from the closing price on Monday, AGN would be a value investment for ABBV. Unfortunately, the market always requires the acquirer