Thursday, January 29th1.2°C
24624
24105

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

24909


Recent Trending




Today's Market
S&P TSX14602.88-231.00
S&P CDNX667.30-9.49
DJIA17191.37-195.84
Nasdaq4637.994-43.503
S&P 5002002.16-27.39
CDN Dollar0.7981+0.0002
Gold1286.60-5.10
Oil46.35-0.01
Lumber318.40+2.90
Natural Gas2.87-0.111

 
Okanagan Companies
Pacific Safety0.120.00
Knighthawk0.010.00
QHR Technologies Inc1.47+0.04
Cantex0.0350.00
Anavex Life Sciences0.182+0.002
Metalex Ventures0.035-0.005
Russel Metals23.70-0.63
Copper Mountain Mining1.00-0.05
Colorado Resources0.145-0.01
ReliaBrand Inc0.01+0.0031
Sunrise Resources Ltd0.03-0.025
Mission Ready Services0.21-0.03

 



23643

FEATURED Property
2182176East Kelowna, 2 Bedroom Den/2Bath + detached studio/shop alongside mission creek
$79,000
more details
image2image2
Click here to feature your property
Please wait... loading


Service fit makes happy employees

Finding the right employees for the front lines of your company is key to developing a great service attitude within your company. It is just as important as hiring the right accountant, manager, sale...


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...


Ailing Parents: Tax Issues

If your parent has become ill, there can be several tax issues that come into play depending on the nature of their illness, their age and the role that family members are playing. For example, if you...

_



24709

24709


Member of BC Press Council


24975