Allergan tells shareholders to reject Valeant deal

Print
Email
|

Associated Press

Posted on June 23, 2014 at 7:01 AM

Updated Monday, Jun 23 at 7:02 AM

NEW YORK (AP) — Allergan says that Valeant Pharmaceuticals' hostile takeover bid for the company is "grossly inadequate" and that shareholders should reject it.

The Botox maker says the $53 billion bid from Valeant undervalues the company and is not in the best interest of Allergan's shareholders.

The drugmaker Valeant Pharmaceuticals International Inc. first offered to buy Irvine, California-based Allergan Inc. in April, and has increased its original bid of about $45.6 billion several times, only to be rejected.

On Friday, Canada-based Valeant said it was taking its deal directly to Allergan shareholders and allowing them to trade in shares for cash and a portion of Valeant's stock.

Print
Email
|