Thursday, October 8th15.6°C

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


Recent Trending

Today's Market
S&P TSX13962.37+94.02
S&P CDNX546.23+3.78
S&P 5002013.43+17.60
CDN Dollar0.7684+0.0033
Natural Gas2.495+0.021

Okanagan Companies
Pacific Safety0.225+0.000
QHR Technologies Inc1.23-0.02
Metalex Ventures0.05+0.00
Russel Metals21.52-1.60
Copper Mountain Mining0.62-0.01
Colorado Resources0.07-0.01
ReliaBrand Inc0.0169+0.0138
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.08-0.01
Decisive Dividend Corp3.11-0.10
Diamcor Mining0.94+0.06


2426089664 Roanoke Avenue
2 bedrooms 1 baths
more details
Click here to feature your property
Please wait... loading

Income for life?

Photo: Thinkstock.comIn almost every conversation I have with clients these days, the topic swings to interest rates. What direction they’re going, how long will they stay where they are and how...

Perfect (reno'd) home

Photo: Thinkstock.comHow many times have you found a home in the perfect location, but it needs too much work as per the home inspection? There is a great program available through most lenders that w...

5 Claim misconceptions

Photo: Thinkstock.comIf you have been hurt in an accident or as a result of medical negligence you will likely look to your friends and family for some advice on how to deal with the situation. These ...



Member of BC Press Council