Sunday, August 2nd14.0°C
27107
24949

Allergan urges shareholders to reject Valeant Pharmaceuticals takeover offer

MONTREAL - Allergan Inc. urged its shareholders Monday to reject a hostile takeover offer by Valeant Pharmaceuticals International Inc. (TSX:VRX) in the latest step in the bitter fight between the companies.

Allergan called the offer grossly inadequate and said it created significant risks and uncertainties for Allergan shareholders.

Valeant, which had tried to negotiate a deal to acquire Allergan, took its offer directly to the company's shareholders last week.

The company has offered US$72 in cash plus 0.83 of a Valeant share for each share of the Botox maker.

The bid values Allergan at more than US$50 billion.

The recommendation is the latest step in the takeover fight which threatens to become a prolonged battle.

Bill Ackman's Pershing Square Capital Management, which is backing the Valeant offer, is also seeking to call a special meeting of Allergan's shareholders to remove six directors.

Pershing owns 9.7 per cent of Allergan.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14468.44+85.68
S&P CDNX594.31+6.01
DJIA17689.86-56.12
Nasdaq5128.28-0.50
S&P 5002103.84-4.79
CDN Dollar0.7640-0.0052
Gold1096.90+0.60
Oil47.22-1.69
Lumber252.30+0.50
Natural Gas2.883+0.062

 
Okanagan Companies
Pacific Safety0.17-0.01
Knighthawk0.010.00
QHR Technologies Inc1.42+0.00
Cantex0.035-0.005
Anavex Life Sciences0.9101+0.1101
Metalex Ventures0.05+0.00
Russel Metals19.40-0.05
Copper Mountain Mining0.79+0.01
Colorado Resources0.065+0.005
ReliaBrand Inc0.0049+0.0004
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.095-0.045
Decisive Dividend Corp2.55+0.05

 





FEATURED Property
2252548103-2205 Louie Drive
5 bedrooms 4 baths
$949,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_





26376


Member of BC Press Council


27074