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"Today -- pharmaceutical maker valiants proposed acquisition of Allergan -- more than a little assist from. Bill -- hedge fund pershing square. Very unusual situation where you have an activist investor teaming up with a company in a transaction like this rock singer tells what's gonna. -- of our business side they wanted to by Allergan. Right but by getting -- in there acquiring 10% of the company required basically got a head start what happened yet they're basically halfway to -- 10% towards the 50% threshold to make the deal work. The other point of course is this Max is -- potential barrier against other people coming in and in putting another bid in for -- And if you do the math looks like they can actually pay even even more than they are awfully that's an interesting point. Richard tells a little bit about the numbers as it doesn't look like it's a good deal of its gonna work right so you have big plots and actually both violence and even big and as -- expected I ran when is Clinton the interest first came out. Just last line of this morning at a bid. Which has been announced that level actually low other witnesses had jumped to a drive it a step closer and it -- a little. Stingy than you might imagine actually when you look at the premium. And the cost cuts that SEC play him relive that cost cuts it's these two point seven billion a year. Is the acquisition machine that's been able to deliver this stuff before -- and about it that's very -- tax rates that. You know if you see him in the joint combined company will also have that they tax rate that's cost cuts and look the law if they dropped to the bottom line. 35 billion we -- that was and then the premium. Depending way you start your base price for the premium to that base price more us -- to be put it. Is way smaller than 25 -- say they do. Of room to multiple dividends. Now paid to have seems to be a lot going on in the pharmaceutical industry a lot of combination of a lot of movement we have launched an artist deals yeah night what's driving -- what's -- was the one -- -- stirred off this wave -- you know due to its current weather the valiantly it was a started about 2008 they realize that the he had -- really the tax rate and they could acquire but companies and basically slash are indeed nothing. Right and what that meant is that he ended up a lot -- profits it's they've been doing this and they've increased the share price about tenfold since then so there's lots of you know. Wall Street loves this and there are other targets are getting bigger and bigger -- their biggest one to -- And so what you're seeing is there ever and saying OK well -- can get you can do is come nations cut a lot of costs and think it'll tax rates the one that did deals or was it supposed to be in this field at least two point seven billion project areas that. We'll be watching that deal and see what happens as it develops today and that in the following week. In the meantime stay tuned for more breaking news tomorrow."^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.reuters.com/video/2014/04/22/reuters-tv-breakingviews-a-valeant-play-for-allerga?videoId=312681244&videoChannel=117766>