Valeant says begins exchange offer for Allergan

June 18 Wed Jun 18, 2014 9:42am EDT

June 18 (Reuters) - Valeant Pharmaceuticals Inc said on Wednesday it began an exchange offer for Allergan Inc that will expire on Aug. 15, unless extended.

Valeant, which said on Tuesday it would launch the offer this week, said Allergan shareholders can choose to trade each share for $72 in cash and 0.83 Valeant shares. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Jeffrey Benkoe)