Allergan Rejects Latest Valeant ProposalBy
On June 23, 2014, the board of directors of Allergan Inc. has unanimously rejected the latest offer by Valeant Pharmaceuticals Inc. to acquire Allergan in a cash and stock deal valued at approximately $53 billion.
Pursuant to the Valeant exchange offer, Allergan said that
“Our board is unanimous in its determination that Valeant’s unsolicited exchange offer is grossly inadequate, substantially undervalues
In continuing its efforts to acquire Allergan Inc., Valeant Pharmaceuticals International, Inc. commenced on June 18, 2014, an exchange offer directly to Allergan stockholders for the common stock of
The Valeant offer specifies that the amount of the all cash and all stock elections would be determined prior to the expiration of the exchange offer and would be set so that the implied value of all three elections would be the same based on the average closing prices of the Valeant common shares during an averaging period described in the offering documents. The offer is scheduled to expire at
Allergan had previously received and rejected a revised proposal from Valeant to acquire all of the outstanding shares of
Source: Allergan and Valeant Pharmaceuticals