Ista, Valeant Pharmaceuticals deal
Valeant made public an unsolicited offer to acquire ophthalmic company Ista for $6.50 per share in cash, or about $327 million including $13 million in Ista debt. The price is a 67% premium to Ista's close of $3.89 on Dec. 15, before Valeant made the offer public.
Valeant said it initially approached Ista privately on Oct. 5 and submitted written proposals on Nov. 23 and Dec. 12. On Dec. 14, Ista sent Valeant a letter rejecting the offer, saying the bid was "grossly inadequate." After Valeant made the offer public on Dec. 16, Ista said its board will review all strategic options. Valeant said it would consider improving the offer if it was allowed to conduct due diligence and found additional value. Valeant added that the $6.50 offer will remain in effect until Jan. 31. Morgan Stanley is advising Valeant. Greenhill is advising Ista. ...