CORRECTED-Allergan rejects Valeant Pharma's takeover bid

Mon May 12, 2014 7:19am EDT

(Corrects date in paragraph 2 to April 22 from Aug. 22)

May 12 (Reuters) - U.S. medical firm Allergan Inc rejected the unsolicited takeover offer from Valeant Pharmaceuticals International Inc , saying it substantially undervalued the company.

Canada's Valeant said on April 22 that it and activist investor Bill Ackman made an unsolicited $47 billion bid to buy Allergan.

Allergan, which makes the popular anti-wrinkle treatment Botox, also said on Monday it expected to increase its earnings per share by 20-25 percent and continue to generate double digit revenue growth in 2015. (Reporting by Esha Dey in Bangalore; Editing by Maju Samuel)