Allergan says no to Valeant…which comes back with a better offer

 

The Board of Directors at Allergan, the manufacturer of Restasis eye drops, formally rejected the unsolicited takeover bid from Quebec-based Valeant Pharmaceuticals.

 

Allergan says that the $52-billion offer in cash and stock undervalues the company and does not reflect its potential for growth. The Board has targeted a 20% to 25% increase in its earnings per share and expects a strong increase in revenue in 2015.

 

In a letter sent to his counterpart at Valeant, the CEO of Allergan also questioned how Valeant would achieve the level of cost cuts it is proposing without harming the long-term viability of Allergan. Valeant estimates that the acquisition will generate $3.3 billion in operating cost savings as a result of synergies.

 

Far from giving up, Valeant quickly responded, stating that the offer would be increased. The details are to be announced May 28. Furthermore, Pershing Square Capital Management, Valeant’s partner in this purchase offer, hopes to obtain the complete list of Allergan’s shareholders. Valeant would like to organize a “referendum” to determine whether shareholders want to see the two companies negotiate the merger. Valeant could even ask for a special meeting to be held to replace some or all of Allergan’s Board members.


Sources:

http://www.lesaffaires.com/secteurs-d-activite/sante-pharmaceutique-et-biotechnologies/allergan-rejette-l-offre-de-valeant/568801

http://eyewiretoday.com/view.asp?20140512-allergan_rejects_valeant_pharmas_cut_and_slash_takeover

Featured Posts

Transitions®: the clear lens that adapts to light for the perfect protection!

Did you know Transitions® has a lens for all your patients experiencing any level of light sensitivity?

Learn More

In Perfect Harmony

Dress your eyes in a showstopping synchronous design from VANNI's Tandem collection.

Learn More

Transitions®: the clear lens that adapts to light for the perfect protection!

Did you know Transitions® has a lens for all your patients experiencing any level of light sensitivity?

Read more

SightGlass Vision Releases First White Paper on Diffusion Optics Technology™

SightGlass Vision announced the release of its first white paper regarding the company’s Diffusion Optics Technology™ (DOT 0.2) spectacle lenses.

Read more

Companies Nominated at the 30th SILMO d’Or

The 2023 SILMO d'Or nominees are...

Read more

Nicolas Fafiotte Appointed President of the 2023 SILMO D’OR Awards

A graduate of the ESMOD School of Fashion Design, Nicolas Fafiotte trained in Paris before moving to Lyon in the early 2000s.

Read more

Transitions®: the clear lens that adapts to light for the perfect protection!

Did you know Transitions® has a lens for all your patients experiencing any level of light sensitivity?

Learn More

In Perfect Harmony

Dress your eyes in a showstopping synchronous design from VANNI's Tandem collection.

Learn More

Transitions®: the clear lens that adapts to light for the perfect protection!

Did you know Transitions® has a lens for all your patients experiencing any level of light sensitivity?

Read More

SightGlass Vision Releases First White Paper on Diffusion Optics Technology™

SightGlass Vision announced the release of its first white paper regarding the company’s Diffusion Optics Technology™ (DOT 0.2) spectacle lenses.

Read More

Companies Nominated at the 30th SILMO d’Or

The 2023 SILMO d'Or nominees are...

Read More

Nicolas Fafiotte Appointed President of the 2023 SILMO D’OR Awards

A graduate of the ESMOD School of Fashion Design, Nicolas Fafiotte trained in Paris before moving to Lyon in the early 2000s.

Read More

Transitions®: the clear lens that adapts to light for the perfect protection!

Did you know Transitions® has a lens for all your patients experiencing any level of light sensitivity?

Learn More

In Perfect Harmony

Dress your eyes in a showstopping synchronous design from VANNI's Tandem collection.

Learn More

Transitions®: the clear lens that adapts to light for the perfect protection!

Did you know Transitions® has a lens for all your patients experiencing any level of light sensitivity?

Read more

SightGlass Vision Releases First White Paper on Diffusion Optics Technology™

SightGlass Vision announced the release of its first white paper regarding the company’s Diffusion Optics Technology™ (DOT 0.2) spectacle lenses.

Read more

Companies Nominated at the 30th SILMO d’Or

The 2023 SILMO d'Or nominees are...

Read more

Nicolas Fafiotte Appointed President of the 2023 SILMO D’OR Awards

A graduate of the ESMOD School of Fashion Design, Nicolas Fafiotte trained in Paris before moving to Lyon in the early 2000s.

Read more

Transitions®: the clear lens that adapts to light for the perfect protection!

Did you know Transitions® has a lens for all your patients experiencing any level of light sensitivity?

Learn More

In Perfect Harmony

Dress your eyes in a showstopping synchronous design from VANNI's Tandem collection.

Learn More

Transitions®: the clear lens that adapts to light for the perfect protection!

Did you know Transitions® has a lens for all your patients experiencing any level of light sensitivity?

Read more

SightGlass Vision Releases First White Paper on Diffusion Optics Technology™

SightGlass Vision announced the release of its first white paper regarding the company’s Diffusion Optics Technology™ (DOT 0.2) spectacle lenses.

Read more

Companies Nominated at the 30th SILMO d’Or

The 2023 SILMO d'Or nominees are...

Read more

Nicolas Fafiotte Appointed President of the 2023 SILMO D’OR Awards

A graduate of the ESMOD School of Fashion Design, Nicolas Fafiotte trained in Paris before moving to Lyon in the early 2000s.

Read more