Valeant CEO declares he can secure Allergan shareholder support


Valeant (VRX) CEO Michael Pearson is confident he can round up enough shareholder support for an Allergan (AGN) bid. The company is still looking to use its $53B offer, but will still need to get 25% of Allergan shareholders on board just to convene the vote.

"Both sides know how this will come out," says Pearson, in reference to potential future ballot. After Valeant assembles the 25% of shareholders, a meeting regarding the takeover could come after only 10 to 120 days.

Previously, the Allergan board rejected the bid, stating it undervalues the company and creates risks and uncertainties for stockholders.

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Comments (7)
  • Patent News
    , contributor
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    allergan stock will drop very hard if they cant get 25%
    25 Jun 2014, 02:55 AM Reply Like
  • biodxguy
    , contributor
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    Not likely. Wall St is already discounting the deal, which is why the stock is trading $15 below the deal price. If the deal falls through I would only expect a $10-$15 pull back. If AGN produces strong Q2 results, which it will based on all its previous presentations, it will be clear that they can survive on their own and command the valuation they currently have.
    25 Jun 2014, 03:25 AM Reply Like
  • Patent News
    , contributor
    Comments (1475) | Send Message
     
    valeant must pay all cash or investors do not want a ponzi scheme like company in Valent stock
    25 Jun 2014, 03:33 AM Reply Like
  • biodxguy
    , contributor
    Comments (70) | Send Message
     
    I agree - but you said Allergan stock will fall hard. Did you mean Valeant? I think Valeant will fall hard, not Allergan!
    25 Jun 2014, 08:53 AM Reply Like
  • Chudnoff
    , contributor
    Comments (9) | Send Message
     
    In the real estate business some people accumulate parcels for future development and of course some succeed some don,t . In fact most large scale successful projects were completed by those who bought and paid a premium for assembledges begun by early stage developers. One can make a compelling argument that both have a clear and defined role in commerce. The same arguments can be made in fields that require forward thinking not the least of which is Pharma. For a Patent News to shout Ponzi scheme is not merely nasty it is strong indicator of an inability to examine the facts on the ground. One may not like the decision to join the ranks of early developer or not however either side of the argument is valid.
    25 Jun 2014, 07:52 AM Reply Like
  • pandgcardi@yahoo.com
    , contributor
    Comments (2) | Send Message
     
    It seems Chudnoff is the one needs to do his homework before commenting on "the facts on the ground". Valeant is leveraged up to it's eyeballs and that is why they cannot offer a cash deal, rather than mostly stock. Valeant's locust-like approach to the pharma industry of being a purely financial firm which orchestrates leveraged takeovers of solid mega-profitable companies who's research is revolutionizing life itself. It then dismantles their R&D departments in order to milk out the profits from existing products. I am happy that many have recognized this Ponzi scheme for what it is and hopefully Valeant will be thwarted. I hate to say it but, the SEC should put it's foot down on Valeants behavior as a threat to capitalism's and perhaps mankind's greatest treasure: private pharma research. This ain't the real estate business.
    6 Jul 2014, 12:34 PM Reply Like
  • biodxguy
    , contributor
    Comments (70) | Send Message
     
    Well put!
    7 Jul 2014, 08:31 AM Reply Like
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