0000103788 00000 n AbbVie ��� Allergan���s tax base will return to the US on completion of the deal. Tax-Free Reorganizations Tax-Free Reorganization To qualify as a tax-free reorganization, a transaction must meet certain requirements, which vary greatly depending on the form of the transaction. 0000007170 00000 n Type A Reorganization Type A Reorganization A Type A reorganization is a statutory merger or consolidation, which is classified under Section 368 of the IRC. endstream This is $120.30 in cash and $72.9345 in Abbvie shares (.866 x 84.22). Drugmaker AbbVie Inc has won U.S. antitrust approval to buy Botox maker Allergan, a blockbuster $63 billion deal when it was announced last year, the companies said on Tuesday. U This is not a bad cash return ��� For Allergan stockholders, as a result of the Merger 0000004299 00000 n AbbVie ( NYSE:ABBV) announced in June that it plans to acquire Allergan ( NYSE:AGN). 0000003677 00000 n 0000091972 00000 n 0000001557 00000 n AbbVie tends to lose 6.5 dependent claims on average, while Allergan tends to lose 5.4 dependent claims. ` Y]8 ��c��r���a��#݉�p���Ӳ��+����?�x�U�UZ�g嗕�� �o�ae�e����j���S$B&q8]�*ާ�%#�:b�9���1K)ٮX�.�(_��K��u���q��G�"��R����W����7�a����A����6�q����}�uKJ��W���� ��|�� W��k��~���n&��3��4���M=��N��S��J_W_ _N��r7��y��Q�A�[�Fv�Gɝb��C,D�P��DY�rQ�P�-_@p�\��t�|�.�22&�)�������:��A������h�Z[��kc��wlB��w���S��tv�i�B�g�M�uw{(� consequences to you of the receipt of AbbVie common stock and any cash in lieu of fractional shares of AbbVie common stock, including the applicability and effect of all U.S. federal, state and local and non-U.S. tax ��� 0 On June 25, 2019, consumers awoke to news that AbbVie plans to buy Allergan in a $63B deal, under which Allergan shareholders will receive 0.866 of one AbbVie share along with $120.30 in cash for each share of Allergan stock they surrender. �%o�;�Lgg�JN/�q�w�wtspstspstspstspstspstpp��� Allergan bests AbbVie here as well. 1582 0 obj trailer <<63D5D928FFE34DA5B2FBB79E24C846C7>]/Prev 258202>> startxref 0 %%EOF 103 0 obj <>stream ��� The following OFX data download contained the following transactions. <> 0000093972 00000 n H��U�s�6�_�O�s(���GL�+! � Allergan holders will receive 0.8660 AbbVie shares and $120.30 in cash for each share they hold. The Allergan Westport facility, which opened in 1977 and is best known for the production of leading cosmetic drug Botox, is the largest and most complex campus in the Allergan global network. х�$@��O�;��4��"�2"|*�u��c�`��h�u���}W9}����|Z����hԞ�'mҼ� :��$'tdd�E�cBD0��;Kx��|�u��>{��eE W>[`a�=v�ڪ��� AbbVie anticipates that the acquisition will provide annual pre-tax synergies and other cost reductions of at least $2 billion in year three while leaving investments in ��� Federal Income Tax Considerations��� in the Registration Statement. h�b```��l^;@��(����j�˰(g��l�C.L~nɀ��%��2��ޜ��*`�np�_C`ifY�Ba�B���n��.�bQr>gr�]q���`GG� c�����qH*�d=P����q�Vb5�e�ی/+����|���i2�e�f0e?�=�:�敂.\��&��"��101�12)�س�U3eg����h�/��� ����uiF � ` ˷A endstream endobj 65 0 obj <>>> endobj 66 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/Properties<>/XObject<>>>/Rotate 0/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 67 0 obj <>stream z+t��do��V��@�?������@�?������@�?��4�uu�uu�uu�uu�uuU��.2�*�*�*�*��me�}S�M�7���M��}��]A�tzO`6���7���7� ~���7� ~���7� ~���7� ~���7� �j������0ÿ0f��4%0FҴs�3���}O�H�&R��ϩ�]:�v��` �];M endstream endobj 70 0 obj <> endobj 71 0 obj <> endobj 72 0 obj <> endobj 73 0 obj <> endobj 74 0 obj [/ICCBased 90 0 R] endobj 75 0 obj <> endobj 76 0 obj <> endobj 77 0 obj <>stream 8w�i:8�S���׿���!��=t:$Ƭ���.b�h7�@+��� U$d¾t>C�윳��O��B%\/�"僋/�]�BOz��z"��8�L 3. AbbVie is offering $120.30 in cash and 0.866 of its share (worth $67.94) for each share of Allergan. � 0000004508 00000 n �"*ɿ#��x�.�6�C|n�Ct-y���$WM�W���S�G����ۄ~e���{�g��� �Cki)�"QZBO���#ď�a��"̐Yi;y��u�ri�ro�����J>����5���G�D"��:|]Y���>�St�2.��U�����9�D��^eQ^�ĺ��#����r弥źA��R��$�SqP��'�N�},�J`�� Allergan���s stock US:AGN soared 28% in morning trade toward a 7-month high, while shares of AbbVie ABBV, +0.67% fell 13% toward a 2-year low. AbbVie, looking for new medicines to supplant its aging megablockbuster Humira, has stepped in to buy the floundering drugmaker in a $63 billion deal ��� AbbVie has wrapped up its $63 billion acquisition of Allergan plc following receipt of regulatory approval from all government authorities required by the transaction agreement and approval by the Irish High Court. %PDF-1.6 %���� 0000010852 00000 n H�\��j�@E���^&��WwU�`�����d���-і�����#TU:W���~��l��q�~6�!��_�[�9����2��͟W�wi�,O͇�u��}8�YӘ�-ݼ��n6�x�Y�+�>�l޷�G�n���_|�Ma�k��S���~�o��iߧ��|J=��7�r]R�{����6�}��X��5�̇����`���}�1k*E:%�d��_�/�k�ר�Kr vdސ7�-k,jlE��5��ϵ�c1�����*Y�+� 0000070429 00000 n Investor Overview. Allergan bests AbbVie here as well. While the company is run from New Jersey, it moved its domicile to Dublin in 2015 via another Buying Allergan brings a big slug of new debt and a massive merger integration challenge. h�bbd``b��$���) �� 64 0 obj <> endobj xref 64 40 0000000016 00000 n 0000009822 00000 n 0000028699 00000 n AbbVie Gets Favorable Analyst Reviews After Allergan Merger AbbVie gets an overweight rating from Morgan Stanley but SVB Leerink, which has the same rating, raised its price target. <>stream There ��� 0000002067 00000 n h��W}L[������{�#��WI�6ʄGJ�p�'K>�Ld��#���u���JӮ�L��)�l|�U�c Z0�Y�� E��5�ҏ�ХS��u�W�iUi�v�}�6����T��p�9��;�s��B"|� !a'����:+,���iw��?�4X�L�����ិ�Y�G�A�J?l����r��j��$�[�K��2�+$?��-�&9H��k�����#�-d+�$7���=�(z�/�a�ay�l&�%�#��r�Vb���z����p). �*�nʌ��JO���S��Tx*=�JO���S�tS��P_e�,��aӗb����ŘV{�����6�}q�8�ԅ_�O� mv�K endstream endobj 68 0 obj <> endobj 69 0 obj <>stream Selina McKee. 0000007658 00000 n H�c ��s�m\5�-�v�����E�!���*Q�3J_D�ց�z�HľZ��uc/��Q)ᇡ�]�g�����@�#���-�Bk�� 0000007082 00000 n ��t�L��}H�����M),��Eߥ�!ƅ���]�XK&�Ԍ��M��������Cz�I�i���4��N��>��eI6I�'�Koƨo��M�td����{Ra� �3uak����b��hh��я�H�������V��v�T��9��v���n��ł�wv��z�ZA�Y�9+��w��q��������ZV�t�iJ����n^�^ն���91�V��n�X.��l[h-K�)�H(k#���dGOeK`-#0�Y+#�l��eY��^���^�ne���H�K�C�{�t��Y��q;�MG[-!��&�}�:�U-2�s0�%�︩�K�����Wf��eeZ�8�-�=췍mrM���#: �zy�GM���Ћ�h��t���K&��oL��Z�J���m�7��O�oб��d�F�o�-H<=��a]�`�H�����Ԕ�k���UsX/��uA���+��`���\�. 0000011926 00000 n AbbVie discovers, develops, and commercializes advanced therapies that have an impact on people's lives. The deal will return Allergan to the U.S., at least for tax purposes. The AbbVie-Allergan merger arb trade I proposed in August 2019 worked out as planned with a return of 16.7% on cash. 0000015161 00000 n � 0000003002 00000 n 0000032343 00000 n 0000008253 00000 n Drugmaker AbbVie Inc said on Tuesday it would acquire Allergan Plc for about $63 billion, giving AbbVie control over the lucrative wrinkle treatment Botox and buying time to ��� AbbVie already knows how to sell this drug.��� Back to the U.S. Author: What will Allergan stockholders receive in the Merger? 0000004656 00000 n 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 Transaction equity value of approximately $63 billion `�*�\J!Y�j��r��$������?O��O$La����h;JWG��J�R�Y�����z�:y����)�1���c�/gT���C{� � �����������[v=�>�R��J�9�1>��]�d��e�}�l:�p���Q6������e�(#�c�nz͵��Lgiod�M��s��=�E�!�i#wb��ܧl7�p����ؙ��!��Ͳ)m"F��2����A�ho�5\hYʥ��� ��T'�ŧ�q��tg�RJ�c2��2dɌ\߃ 0000070392 00000 n startxref �m���h�:� �����;�C�>q0��r���,n@��;���N����u � �.8���_����BN��G�r��/ia>��/�:[3��� On Tuesday, the companies announced the ��� 0000004397 00000 n z���^a��W�K�K�K�K���`Ηe>ߧ�} �K�"A�������5QNM}�H��۶m���/�.�شu��[_Ew���͊��M5L��:�,O�w�����xɖK��L�CwO��r��Y���cߴ'��k�{v���u�9���������u�}۟���m/�:]o��K�����EW�나�R�k��b�oO1[��g����b[�w}��v8V��}�,6���Lu�.V������/�܃��c���ٸN���Y�s@Vf�/��s����5���������tH��tH��tȖ��/�䒹D���f�����i�0{c6d�=��~��������{�=�B��&� lB��&� lB��&� lB��&� lB��&� lB��&� l�� AbbVie is a global biopharmaceutical company with focus and capabilities to address some of the world's greatest health challenges. And depending upon how ��� The closing price of Abbvie on the day before the merger completion date was $84.22. 0000001440 00000 n 1551 0 obj 0000008734 00000 n After roughly $20 billion in Allergan ��� Under the terms of the transaction agreement, Allergan shareholders will receive 0.8660 AbbVie shares and $120.30 in cash for each Allergan share, for a total consideration of $193.23 per Allergan share (based on the closing price of AbbVie's common stock of $84.22 on May 7, 2020 ). lpʕ�[^:�_��O�A�'5�Eؐ�W���;B@���D�� AbbVie agreed to pay Allergan $188 per share, with two-thirds of the consideration coming in cash and the remainder in stock. � AbbVie has agreed to divest some of its assets to move the acquisition forward, offering to sell Brazikumab, a drug in its pipeline that is being developed as a treatment for Crohn's disease and ulcerative colitis. 11th May 2020. by. scheme, Allergan will become a wholly owned subsidiary of AbbVie. 0000070502 00000 n Drug companies get a lot of money from Medicare, but ��� 0000001096 00000 n Allergan was slammed Friday with a proposed securities class action in New Jersey federal court seeking to block its blockbuster merger with AbbVie until the ��� ���Certain Tax Consequences of the Merger���U.S. endobj 0000023236 00000 n <>/Filter/FlateDecode/ID[<500CF8719C420B8C32850E710F592042><6CBDB27DD21DB2110A00FDF6F0D3DCFF>]/Index[1551 32]/Info 1550 0 R/Length 90/Prev 1071376/Root 1552 0 R/Size 1583/Type/XRef/W[1 2 1]>>stream AbbVie will take on Allergan���s debt, which totaled about $24 billion at the end of the first quarter. The total merger consideration is $193.2345 per Allergan share. 0000004621 00000 n Tax consequences of Pfizer-Allergan merger An example of the welfare mentality of the power elite. ;���. H�\�ݎ�@�{��/g.&]]��1q��ċ��:� 0000013048 00000 n %PDF-1.5 %���� As consideration for the acquisition, Allergan shareholders will be entitled to receive at the effective time of the scheme, referred to as the ���effective time,��� (i) $120.30 in cash and (ii) 0.8660 of a newly issued share of 0000014146 00000 n � 0000005756 00000 n Allergan PLC AGN, +2.70% said late Friday that AbbVie Inc. ABBV, +0.67% has closed its acquisition of the company. � Many immediately panned the deal as a $63 billion mistake. 0000016133 00000 n 0000002591 00000 n 1569 0 obj In the short term at least the AbbVie and Shire merger and tax inversion will actually increase tax revenues in the US. AbbVie borrowed nearly $30 billion in November at interest rates under 4.25% to pay the $40 billion cash portion of the buyout to Allergan shareholders. 0000079586 00000 n AbbVie's () acquisition of Allergan closed on May 8, nearly one year after the big drugmaker first announced its planned buyout in June 2019. 0000032220 00000 n This presentation contains certain forward-looking statements with respect to a possible acquisition involving AbbVie and Allergan and AbbVie���s, Allergan���s and/or the combined group���s estimated or anticipated future business, performance and results of operations and financial condition, including estimates, forecasts, targets and plans for AbbVie and, following the acquisition, if 0000020588 00000 n The total transaction value is nearly $63 billion. Dick Durbin criticized the proposed merger between Pfizer and Allergan because it would shift the corporate address of the combined company to a country with a lower corporate tax rate. 0000070795 00000 n endobj 0000005244 00000 n Sell Transaction. $�g��� "$�$�z�����"�@q@Ba�P�q�DO#��d�?� In consideration for the merger, shareholders of Allergan (AGN) were to receive $120.30 in cash and 0.8660 shares of AbbVie (ABBV) for each share of Allergan (AGN) owned on 11 May 2020. � %%EOF Its prospective merger partner, by contrast, reported a tax rate of just 4.8 percent for 2014, though its rate this year is about 15 percent.

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