For example, investors expressed concerns that's Allergan value captured most of the synergies. The Bernstein team also expected that the sideways trading was due to "risk-arb organization repositioning." Additionally, they believe investors were a bit confused about the use of convertible bonds. They also believe that there were questions about the combined company's long term growth trend, doubts about the projected revenue synergies and concerns about whether Actavis was growing on its own.