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Valeant calls special vote for issuance of 242 million new shares

Rochester Business Journal
June 25, 2014

Bausch & Lomb’s Quebec-based parent, Valeant Pharmaceuticals International Inc., has called a stockholders meeting to vote on a proposal to issue some 242 million new shares to be used in a takeover of Botox maker Allergan Inc.

After Allergan officials dismissed as woefully undervalued an earlier Valeant proposal to offer $43 in cash plus .83 share of Valeant stock for each Allergan share, Valeant last week upped the cash part of its unsought bid to $72 a share. 

Allergan officials earlier indicated that they had problems other than price for scorning a Valeant acquisition.

In a May 27 shareholder presentation, Allergan officials accused Valeant of habitually scrimping on research and development. They also claimed that after acquiring Bausch & Lomb last year and moving its headquarters from Rochester to Valeant’s U.S. base in New Jersey, Valeant had misleadingly overstated Bausch & Lomb’s first-quarter market results.

The tender offer Valeant made for Allergan last week is slated to expire in mid-August but could be extended, Valeant said in a Securities and Exchange filing.

Valeant shares (NYSE: VRX) on Wednesday were trading at $123.10, up $2.58, or 2 percent, from Tuesday’s close.
       
(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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