Allergan announced that its shareholders have voted to approve the previously announced proposed acquisition of Allergan by AbbVie. More than 99 percent 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 approximately 68.6 percent 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,” Brent Saunders, Chairman and CEO of Allergan, said in a company news release. “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.