Valeant Pharmaceuticals is continuing its pursuit to takeover Allergan. On Monday 12 May the American company Allergan, unanimously rejected the offer made by the Canadian company Valeant, the estimated deal was approximately $46 billion (£27.28 billion).
Valeant has been vague about the details of a counter offer for Allergan however J Michael Pearson, chairman and chief executive officer of Valeant, said that: “We plan to improve our offer for the company – to demonstrate our commitment to getting this deal done. We are prepared to pay a full and fair price, but, consistent with our track record, we will remain financially disciplined.”
Valeant hosted a conference call and webcast for their shareholders and the public on the 28May to discuss its plans. The offer was proposed on 22 April. Allergan rejected the offer without a discussion or making a deal with Valeant.
David Pyott Allergan’s chairman and chief executive officer, said in a conference call on the 12May: “Allergan's board thoroughly reviewed Valeant's unsolicited proposal in consultation with our financial and legal advisors, and concluded that the proposal substantially undervalues Allergan, creates significant risks and uncertainties for our stockholders, and is not in the best interest of the company and its stockholders.”