Allergan PLC (NYSE: AGN) finally has announced that its shareholders have voted to approve the company’s acquisition by AbbVie Inc. (NYSE: ABBV). The acquisition is expected to close in early 2020, but it is still subject to customary closing conditions and regulatory approvals.

AbbVie will acquire Allergan in a cash and stock transaction for a transaction equity value of roughly $63 billion, based on the closing price of AbbVie’s common stock of $78.45 on June 24, 2019.

Under the terms of the agreement, 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 price of $188.24 per share implies an upside of 15% from the 50-day moving average ($168.85) and 26.5% from the 200-day moving average ($148.69).

Brent Saunders, board chair and chief executive of Allergan, commented:

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. 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.

Shares of Allergan traded relatively flat at $168.80 Monday morning, in a 52-week range of $114.27 to $192.69. The consensus price target is $183.40.

AbbVie traded at $73.50. It has a 52-week range of $62.66 to $94.98 and a consensus price target of $88.91.

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