Following the June announcement of the proposed acquisition of Allergan by Abbvie, Allergan has announced that its shareholders have voted to approve the proposed acquisition.
More than 99% of the votes cast at both a special court-ordered meeting of shareholders and at an extraordinary general meeting of shareholders were in favor of the transaction, representing (in each case) approximately 68.6% of the shares outstanding and eligible to be voted at each of the Allergan shareholder meetings held on October 14, 2019 in Dublin, Ireland.
“On behalf of Allergan’s Board of Directors and executive team, I would like to thank our shareholders for their overwhelming support of the proposed combination with AbbVie,” said Brent Saunders, Chairman and Chief Executive Officer of Allergan. “In addition to delivering value for shareholders, this combination will create a leading biopharmaceutical company with a diversified portfolio and enhanced opportunity to invest in and deliver innovation for the patients we serve.”
Under the terms of the agreement announced on June 25, 2019, AbbVie will acquire Allergan in a cash and stock transaction for a transaction equity value of approximately $63 billion, based on the closing price of AbbVie’s common stock of $78.45 on June 24, 2019. Allergan shareholders will receive 0.8660 AbbVie Shares and $120.30 in cash for each Allergan share, for a total consideration of $188.24 per Allergan share. The transaction is expected to close in early 2020, subject to customary closing conditions and regulatory approvals.