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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.

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