Allergan Inc., the maker of the Botox wrinkle treatment, rejected an increased bid of about $54 billion from Valeant Pharmaceuticals International Inc. and investor Bill Ackman, calling it undervalued.

Allergan turned down the offer of $72 a share in cash and 0.83 a share of Valeant stock, the Irvine, California-based company said today in a statement. On May 28, Laval, Quebec- based Valeant raised its bid for the first time to $49.4 billion from $45.7 billion.

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