Valeant's higher offer rejected by Allergan again
Allergan's board of directors unanimously rejected the $53.5bn offer from Valeant Pharmaceuticals International, and William Ackman's Pershing Square investment group.
"Valeant's revised proposal substantially under-values Allergan, creates significant risks and uncertainties for Allergan's shareholders and does not reflect the company's financial strength, future revenue and earnings growth or research and development," David Pyott, Allergan's Chairman and Chief Executive, said in a statement.
On a buying spree in the past four years, the Canadian company first made an unsolicited cash-and-share buyout offer in April, valuing Allergan at $45.6bn.
It then raised the offer to about $50bn in May and when that was rejected, increased it again to $53.5bn.
Allergan alleged that Valeant's unsustainable business model relies on acquisitions and cost reductions, as opposed to top-line revenue growth and operational excellence.
Source: AFP via I-Net Bridge
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
