Allergan Shares Explode On Report Of Bill Ackman Takeover Plan

Shares of pharmaceutical company Allergan are exploding in the after hours session.

The stock (AGN) is up more than 19%.

Dow Jones is reporting via CNBC that activist investor Bill Ackman of Pershing Square is partnering with Valeant Pharmaceuticals to pursue a takeover.

According to Dow Jones, Ackman has built a 10% stake in the company.

Shares of Valeant were up about 9% in the after-hours session.

Here's the chart of today's trading activity: