JUN 25, 2014
Cataract/Anterior Segment, Comprehensive Ophthalmology, Cornea/External Disease
Valeant Pharmaceuticals International Inc. CEO Michael Pearson said the company is nearing its goal of rounding up enough support from Allergan shareholders to secure a vote on its $53 billion hostile bid.
The company needs 25% of Allergan shareholders to convene a vote. Allergan again this week rebuffed Valeant, saying that its board has unanimously determined that the unsolicited exchange offer to acquire all of the Botox maker's shares outstanding is "grossly inadequate."
Allergan said its board strongly recommends that Allergan shareholders not tender any Allergan shares to Valeant, adding that the offer substantially undervalues the company, creates significant risks and uncertainties for Allergan shareholders, and isn't in the best interests of the company and its shareholders.
Valeant took its roughly $53 billion bid for Allergan directly to shareholders after being rejected by Allergan's board.