Allergan Inc., of Irvine, Calif., said its board, after consulting with independent financial and legal advisors, unanimously determined that the revised unsolicited proposal dated May 30, 2014, by Pershing Square Capital Management LP and Valeant Pharmaceuticals International Inc., of Laval, Quebec, substantially undervalues the company, creates significant risks and uncertainties for the stockholders of Allergan and is not in the best interest of the company and its stockholders.