Allergan Rejects Valeant And Ackman’s Raised Takeover Offer
Botox maker Allergan Incorporated on Tuesday rejected a sweetened $53 billion takeover offer from Valeant Pharmaceuticals International and activist investor William Ackman, reiterating that it undervalues the company and is too risky for shareholders. Valeant and Pershing Square Capital Management made a joint bid for the company on April 22nd that Allergan also had declined, saying that its plans to slash spending would cost the company growth. It has, so far, refused to enter deal discussions. Allergan Chief Executive Officer David Pyott said in a letter to Valeant CEO Michael Pearson, “We do not believe your latest proposal offers sufficient or certain value to warrant discussions between Allergan and Valeant.”
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