(Reuters) - Allergan Inc on Tuesday built its case with investors for rejecting a $47 billion takeover offer from Valeant Pharmaceuticals International, , saying the Canadian drugmaker has overstated the possible savings from the deal. The move comes one day before Valeant will hold a webcast in which it has said it will raise its offer for Allergan. In slides posted to its website, the botox maker laid out its argument for rejecting Valeant's offer and said that the research and development and tax structure savings would not materialize. Valeant and activist investor Bill Ackman made an offer to buy Allergan on April 22, which Allergan spurned.
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