Shareholders give green light to Biovail and Valeant merger, former chairman says merger 'doomed'
Valeant Pharmaceuticals of the USA has moved closer to its goal of merging with Canadian firm Biovail after shareholders in both companies approved the stock and cash deal estimated at around $3.2 billion.
The plan to create a combined company called Valeant Pharmaceuticals International and based in Toronto was strongly supported by Biovail shareholders, with more than 99% of them casting their votes in favour of the merger.
Similarly robust support fro Valeant's shareholders means the way is now clear for the merger to complete, with some observers suggesting could take place as early as today (September 28). The new company will trade on the NYSE and TSX stock exchanges.
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