Valeant/Pershing To Allergan: Last Chance To Negotiate
This article was originally published in The Pink Sheet Daily
After surprising investors by increasing its bid for Allergan for a second time in one week, Valeant and its activist investor partner Pershing Square, urged management to negotiate before a special meeting is convened to oust the company’s board of directors.
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The Canadian specialty pharma says its streamlined business model could sufficiently pull costs out of Allergan’s business dealings, including line extensions and post-marketing commitments.
Valeant touted the successes of the B&L acquisition in an effort to prove an Allergan integration would be just as seamless. The increased offer to Allergan came on the heels of Valeant selling its dermatological fillers business to Nestle for $1.4 billion, a move that paves the way for integrating Allergan’s similar portfolio.
The Botox-maker wanted to make its case before Valeant could up its offer, which is expected later this week, arguing that Valeant paints a rosier picture than is realistic.