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Business
Allergan Rejects Valeant’s Offer
by Ann M. Thayer
June 16, 2014
| A version of this story appeared in
Volume 92, Issue 24
Allergan has turned down the latest unsolicited takeover offer from Valeant Pharmaceuticals and the activist investment firm Pershing Square Capital Management. In late May, Valeant upped its bid to buy the specialty pharmaceutical firm by 6%, to $50 billion. Valeant said its offer was “subject to prompt good faith negotiation of a merger agreement.” Allergan contends that the offer substantially undervalues the company, creates significant risk and uncertainties, and is not in its or its shareholders’ best interests.
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