The proposed Pfizer-Allergan deal has entered a new stage, and how. You’ll recall that Pfizer has been shopping for years for a way to change its US tax situation, and a merger with Dublin-domiciled Allergan looked like the one that would finally work out. Until last night, that is.
That’s when the US Treasury unveiled its proposed tax treatment of such deals. In short, they’re proposing that mergers that have taken place during the last three years basically won’t count (Allergan went down 22% on the news).
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