Mon May 5, 2014 2:10pm EDT
May 5 (Reuters) - Activist investor William Ackman, Allergan Inc's largest shareholder, has cautioned the company against pursuing any alternative deal that did not offer a better value than Valeant Pharmaceuticals International Inc's $47 billion bid.
Valeant teamed up with Ackman last month to make an unsolicited offer for Allergan.
Allergan is preparing to approach Shire Plc about a potential takeover, even though the Irish drugmaker rebuffed a previous overture, Reuters reported last week.
"Even if Allergan were able to identify a transaction that offers a higher cash value than the estimated value of the Valeant proposal at the time of transaction closure, we do not believe such a cash transaction would be necessarily superior to Valeant's stock and cash offer," Ackman said Monday in letter to Michael Gallagher, lead director of Allergan.
May 5 (Reuters) - Activist investor William Ackman, Allergan Inc's largest shareholder, has cautioned the company against pursuing any alternative deal that did not offer a better value than Valeant Pharmaceuticals International Inc's $47 billion bid.
Valeant teamed up with Ackman last month to make an unsolicited offer for Allergan.
Allergan is preparing to approach Shire Plc about a potential takeover, even though the Irish drugmaker rebuffed a previous overture, Reuters reported last week.
"Even if Allergan were able to identify a transaction that offers a higher cash value than the estimated value of the Valeant proposal at the time of transaction closure, we do not believe such a cash transaction would be necessarily superior to Valeant's stock and cash offer," Ackman said Monday in letter to Michael Gallagher, lead director of Allergan.
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