The Canadian Press - ONLINE EDITION

Valeant extends hostile US$50B takeover bid for Allergan until Dec. 31

  • Print

LAVAL, Que. - Valeant Pharmaceuticals International, Inc. (TSX:VRX) is extending the deadline for its more than US$50-billion hostile takeover bid for Botox-maker Allergan (NYSE:AGN).

Quebec-based Valeant, whose cash-and-stock offer was set to expire on Friday, announced after markets closed Friday that it was extending the bid until 5 p.m. ET on Dec 31.

Valeant, backed by activist investor Bill Ackman, whose Pershing Square Capital Investment holds some 10 per cent of Allergan stock, originally announced its takeover bid back in April and has since boosted it twice to some US$53 billion.

Valeant said on Friday that all other terms and conditions of the bid remain unchanged under the extension.

Meanwhile, Allergan has steadfastly rejected the offer, at times disparaging both the bid and Valeant's business model.

And on Aug. 1 it filed a lawsuit accusing Valeant and Pershing Square Capital of using fraud and insider trading to further their hostile takeover attempt of the California-based drug company.

Valeant and Pershing responded that Allergan's allegations were baseless and an attempt to stop Pershing Square's efforts to replace six of members of the Allergan board.

On the Toronto Stock Exchange, Valeant shares closed up $1.31 at $122.26, while in New York the issue rose US$1.22 to US$112.26. Allergan stock was up $2.66 at US$158.26 on the New York Stock Exchange.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Winnipeg Jet goalie Michael Hutchinson

View more like this

Photo Store Gallery

  • A Yellow-bellied Sapsucker hangs out on a birch tree in St. Vital. The Yellow-bellied Sapsucker is considered a keystone species. Other species take advantage of the holes that the birds make in trees. A group of sapsuckers are collectively known as a
  • Marc Gallant / Winnipeg Free Press.  Local/Weather Standup- Catching rays. Prairie Dog stretches out at Fort Whyte Centre. Fort Whyte has a Prairie Dog enclosure with aprox. 20 dogs young and old. 060607.

View More Gallery Photos

Poll

Do you think volunteers dragging the Red River is a good idea?

View Results

Ads by Google