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  • Comprehensive Ophthalmology, Glaucoma, Neuro-Ophthalmology/Orbit, Oculoplastics/Orbit

    In an unusual partnership with activist investor William Ackman, Valeant Pharmaceuticals International Inc. this week proposed to buy Allergan Inc. Under the buyout offer Allergan shareholders would receive $48.30 in cash and 0.83 Valeant share for each share of Allergan.

    Allergan has adopted a "poison pill" defense that could make it more difficult for the Canadian company to force a takeover bid.

    Ackman's Pershing Square Capital Management is the largest Allergan holder, with a 9.7 percent stake in the company. Valeant said the merger would create a strong portfolio of healthcare products, as well as usher in $2.7 billion in cost synergies and an attractive tax rate.

    The company's "stockholder rights plan" would allow existing shareholders to buy Allergan stock at a steep discount if any single investor acquires more than 10 percent of its shares.

    Allergan says the plan is intended only to provide time to review the offer.

    “The plan is not intended to prevent an acquisition of the company on terms that the board considers favorable to, and in the best interests of, all stockholders,” according to an Allergan press release. “Rather, the plan aims to provide the board with adequate time to fully assess any proposal."