Valeant extends tender offer for Allergan to Dec. 31


Valeant Pharma (NYSE:VRX) says it has extended the expiration of its tender offer for Allergan (NYSE:AGN) to Dec. 31. after the offer had been to expire at 5 p.m. EDT today.

The extension gives VRX and activist investor Bill Ackman more time to pursue AGN; Ackman's Pershing Square, which owns 9.7% of AGN, is seeking support from at least 25% of AGN shareholders to call a special meeting where it hopes to oust a majority of the board and eventually install nominees open to a friendly merger.

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Comments (3)
  • VelcroWonderCat
    , contributor
    Comments (44) | Send Message
     
    VRX and Ackman are facing an SEC probe, shareholder unhappiness with their offer, and litigation from AGN over their takeover tactics. Extending VRX's offer to 12/31 is essentially throwing in the towel. It's an offer even they know is ludicrous on its face. The fight for AGN is over and AGN has won - now we will finally get to see if the SEC is a toothless tiger or not.
    15 Aug 2014, 06:40 PM Reply Like
  • The Fox
    , contributor
    Comments (822) | Send Message
     
    Velcro,

     

    I see you are passionate about Allergan. Me too. But...you need to remove the rose colored glasses. They are still very much in play. Until the litigation issue is settled (and its not so far) you can't possibly know how this will play out. One thing is certain...eventually AGN has to have a board meeting. If Valiant bides their time they will have an opportunity to replace some of the existing board. I think Allergan knows this, filed the lawsuit to bide time, and will look to increase their debt load through an acquisition that makes sense. Valiant's debt situation is already an issue, so taking on an increase in Allergan's debt might be the last nail in the coffin (I hope). I am nowhere near as confident as you though. I think it is far from over.
    15 Aug 2014, 10:26 PM Reply Like
  • ghoxster
    , contributor
    Comments (18) | Send Message
     
    Here's hoping it is not a toothless tiger. I like Allergan. I don't Valeant Pharma debt.
    15 Aug 2014, 10:12 PM Reply Like
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