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FILE - This Feb. 6, 2012, file photo, shows William Ackman, of Pershing Square Capital Management, in Toronto. It was announced Monday, May 12, 2014, that Botox maker Allergan is rejecting a takeover bid from Valeant Pharmaceuticals, saying that the unsolicited bid worth nearly $46 billion undervalues the company and carries significant risk. Shortly after Canada’s Valeant and activist investor Ackman made their offer public last month, Allergan announced a so-called poison pill plan, a defensive tactic that makes a buyout prohibitively expensive. (AP Photo/The Canadian Press, Pawel Dwulit, File)

FILE - This Feb. 6, 2012, file photo, shows William Ackman, of Pershing Square Capital Management, in Toronto. It was announced Monday, May 12, 2014, that Botox maker Allergan is rejecting a takeover bid from Valeant Pharmaceuticals, saying that the unsolicited bid worth nearly $46 billion undervalues the company and carries significant risk. Shortly after Canada’s Valeant and activist investor Ackman made their offer public last month, Allergan announced a so-called poison pill plan, a defensive tactic that makes a buyout prohibitively expensive. (AP Photo/The Canadian Press, Pawel Dwulit, File)

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