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B&L owner Valeant begins hostile bid for Allergan

Associated Media B&L owner Valeant begins hostile bid for Allergan
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Rochester Business Journal
June 18, 2014

Bausch & Lomb parent Valeant Pharmaceuticals International Inc. has formally launched a hostile bid for Botox maker Allergan Inc.

Valeant’s tender offer of $72 cash plus .83 shares of Valeant stock for each Allergan share would make the transaction worth some $53 billion.

“We believe Allergan’s stockholders should have the opportunity to express their views and we are confident that Allergan’s stockholders will support this combination,” Valeant CEO Michael Pearson said Wednesday.

In a previous investor presentation, Allergan’s management derided Valeant’s offer to acquire the company for $48 in cash plus .83 Valeant shares per Allergan share as woefully undervaluing the company.

In the May 27 presentation, Allergan questioned Pearson’s strategies, asking whether Valeant could sustain the low tax rate Pearson trumpets, criticizing the Canada-based Valeant as scrimping on research and development and asserting that Valeant had overstated Bausch & Lomb’s market successes.

Valeant shares (NYSE: VRX) closed Wednesday at $118.43, down 44 cents. Allergan (NYSE: AGN) closed at $162.41, up $1.88.
    
(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 



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