Friday, December 19th1.0°C
24295
23791

Valeant planning hostile takeover bid as Botox maker Allergan rejects acquisition proposals

NEW YORK, N.Y. - Valeant plans to take a buyout offer for Allergan directly to its shareholders this week, as the Botox maker continues to rebuff its proposals.

Valeant Pharmaceuticals International Inc. Chairman and CEO J. Michael Pearson said in a conference call Tuesday that proxies seeking support for its bid may be mailed in "the near-term."

He said that "It is clear Allergan's management and their board will never sit down and act in the interest of their shareholders." Pearson says the Canadian company believes an Allergan shareholder vote would "be overwhelmingly in support of the deal."

The latest bid from Valeant and Bill Ackman's Pershing Square Capital Management is worth $53 billion.

California-based Allergan Inc. has repeatedly rejected offers as underpriced and risky.

The Canadian Press


Read more Business News

23954


Recent Trending




Today's Market
S&P TSX14346.75+133.36
S&P CDNX665.50+6.47
DJIA17778.15421.28
Nasdaq4748.396+104.085
S&P 5002061.23+48.34
CDN Dollar0.8624-0.0009
Gold1196.50+1.80
Oil54.97+0.86
Lumber336.00-0.90
Natural Gas3.606-0.036

 
Okanagan Companies
Pacific Safety0.13+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.28+0.01
Cantex0.03-0.005
Anavex Life Sciences0.17+0.0041
Metalex Ventures0.055+0.005
Russel Metals26.00-1.18
Copper Mountain Mining1.57+0.03
Colorado Resources0.12+0.015
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.055+0.005
Mission Ready Services0.225+0.005

 
24130


23981

FEATURED Property
20895623828 Glen Canyon Drive
3 bedrooms 3 baths
$399,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Parenthood: Estates, insurance & taxes

It is now even more important to ensure your loved ones are well looked if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that c...


Managing your sales team

Managing a sales team can be quite a challenge. Harnessing individual personality preferences and getting everyone focused on the same goals, moving at the same pace, and working in collaboration to d...


Working under the table

They say there are only two things that are certain in life: death and taxes. Not exactly an uplifting thought, but true nonetheless. Some people try to avoid paying tax by “working under the ta...

_








Member of BC Press Council


23911