A California court says that Allergan raises serious questions as to whether Valeant and Pershing Square engaged in insider trading.

The judge nonetheless refused to grant Allergan an injunction disallowing Pershing Square, which is Allergan’s largest shareholder, from voting at the special meeting on December 18. This meeting could determine the future of Allergan’s executives, who strongly oppose the takeover bid from Valeant and Pershing Square.

In the meantime, Allergan has admitted to having been approached by another suitor about a potential merger, which would complicate an acquisition by Valeant. Sources familiar with the matter say the other company is Actavis.

Actavis is an American pharmaceutical company. Based in Ireland, it has a U.S. administrative headquarters in the United States.

For more information: http://agn.client.shareholder.com/releasedetail.cfm?ReleaseID=880337

http://www.theglobeandmail.com/report-on-business/california-court-reprimands-valeant-pershing-over-pursuit-of-allergan/article21441111/

 

Quebec-based Valeant Pharmaceuticals has increased its takeover bid for Allergan from US$50 to nearly US$60 billion.

In a letter to Allergan, Valeant said that its offer could now be “at least US$200 a share.” However, the Quebec company has provided no further details, opening the door to speculation.

Valeant’s previous offer was US$82 plus a 0.83 of a Valeant share for each Allergan share. Many analysts think that the new offer is simply the projected higher valuation of Valeant’s own shares, rather than a true increase. Allergan executives were quick to emphasize this in its stinging reply.

For further information (in French only): http://affaires.lapresse.ca/resultats-financiers/201410/20/01-4810785-valeant-disposee-a-modifier-son-offre-sur-allergan.php