BioCentury
ARTICLE | Company News

Allergan rejects revised Valeant bid

June 11, 2014 12:25 AM UTC

Allergan Inc. (NYSE:AGN) said its board unanimously rejected a revised unsolicited offer to be acquired by Valeant Pharmaceuticals International Inc. (TSX:VRX; NYSE:VRX) in a cash and stock deal that values Allergan at up to $62.2 billion. Allergan said the proposal "substantially undervalues" the company and reiterated its "serious concerns about the large stock component" of the bid. Under the offer, Allergan shareholders would receive $72 in cash and 0.83 Valeant shares for each Allergan share, plus a $25 contingent value right (CVR) tied to sales of Allergan's Phase II ophthalmic program, AGN-150998.

Valeant said Allergan's board continues to "demonstrate an unwillingness to engage," leaving it "no choice but to take [its] offer directly to shareholders" (see BioCentury Extra, May 30). ...