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After consultation with its independent financial and legal advisors, Allergan’s Board of Directors unanimously rejected Valeant Pharmaceuticals international’s unsolicited proposal for the third time.
Irvine, CA-After consultation with its independent financial and legal advisors, Allergan’s Board of Directors unanimously rejected Valeant Pharmaceuticals international’s unsolicited proposal for the third time.
According to Allergan, the board rejected the offer-which would have seen Valeant acquire all of Allergan’s outstanding shares for a combination of 0.83 Valeant common shares, $72 in cash per share of Allergan common stock, and a contingent value right related to DARPin sales.
“Our Board is unanimous in its determination that Valeant’s unsolicited exchange offer is grossly inadequate, substantially undervalues Allergan, and is not in the best interests of Allergan and its stockholders," said David E.I. Pyott, Allergan's board chairman and chief executive officer. “The board strongly recommends that Allergan stockholders reject Valeant’s exchange offer and prevent Valeant from taking control of Allergan at a price that does not appropriately reflect the underlying value of Allergan’s assets, operations and prospects, including our industry-leading position and projected growth opportunities.
“Allergan has a track record of consistently acting in the best interests of its stockholders, and the board continues to be confident that Allergan will create significantly more value than Valeant’s proposal,” he continued.
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