UPDATE 1-Actavis may buy Allergan for at least $60 bln - Bloomberg

Wed Nov 12, 2014 1:23pm EST
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(Adds company comments, bylaw details)

Nov 12 (Reuters) - Merger talks between Allergan Inc and white knight Actavis Plc are focused on narrowing a gap of about $3 billion between what has been offered and what is wanted, Bloomberg reported on Wednesday.

Actavis is willing to pay around $200 per share, or $60 billion, while Allergan wants more than $210 per share, Bloomberg said.

Actavis and Allergan declined to comment.

Allergan is trying to fend off a hostile takeover by Canadian drugmaker Valeant Pharmaceuticals International Inc , which has offered about $54 billion in cash and stock for the company, but has said it is prepared to raise that to $200 per share.

Allergan said last week it was in talks with a second bidder, and sources familiar with the situation said the company was Actavis.

Separately, Allergan on Wednesday changed its bylaws on calling a special shareholder meeting. The move comes ahead of a special meeting at which shareholders will vote on a proposal by activist investor William Ackman, who wants a rule change allowing the investors who requested the gathering to set the date for it.

Changing the bylaws is just one of the proxy proposals made by Ackman, who also wants to remove board members and compel Allergan into takeover talks.

The amended laws now include a provision that requires Allergan's board to call for a meeting within 90 days of a valid request rather than exercise its discretion, Allergan said.   Continued...