Allergan Rejects Valeant’s Revised $53-Billion Takeover BidBy
The board of directors of the specialty pharmaceutical company, Allergan, Inc., has unanimously rejected the revised unsolicited proposal, dated
Despite increasing the cash portion of the deal to $72.00 in cash per share of common stock, up from a cash consideration of $48.30 in Valeant’s initial proposal made in April 2014 and subsequent offer to $58.30 per share in cash made later in May 2014, Allergan again rejected the proposal from Valeant with concerns over the large stock component of the proposal.
“Valeant’s revised proposal substantially undervalues
In rejecting the proposal, Allergan said that it expects that its business plan will generate double-digit sales growth and earnings per share compounded annual growth of 20% as well as approximately