Allergan board again rejects revised unsolicited takeover bid from Valeant
US Botox-maker Allergan (NYSE: AGN) says that its board of directors, after consulting with its independent financial and legal advisors, has unanimously determined that the revised unsolicited proposal by Pershing Square Capital Management and Canada’s Valeant Pharmaceuticals International (TSX: VRX) substantially undervalues the company, and is not in the best interests of the firm and its stockholders.
The revised offer, a total of around $53 billion, includes $72 in cash and a portion of Valeant stock for each Allergan share, up from a previous bid that involved $58.30 in cash and the stock portion.
“Valeant’s revised proposal substantially undervalues Allergan, creates significant risks and uncertainties for Allergan’s stockholders and does not reflect the company’s financial strength, future revenue and earnings growth or industry-leading R&D,” said David Pyott, Allergan's chairman and chief executive.
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