Allergan rejects Valeant's $53 billion acquisition offer

Source: Allergan said on Tuesday that its board of directors had unanimously rejected 530 from Valeant pharmaceuticals and Pershing square, a capital management company in Canada We believe that the revised offer still substantially underestimates the value of the company and brings significant risks and uncertainties to its shareholders David pyott, chairman and CEO of Elgin, pointed out: "the investment community has recognized the long-term growth prospects announced by the company on May 12, 2014, and affirmed the value of Elgin as an independent company We don't think Valeant's proposal can reflect the growth prospects of Elgin At the same time, Valeant doesn't provide enough or certain value for both sides to discuss " In a letter to Michael Pearson, CEO of Valeant, pyott pointed out that "the board of directors of Aerjian has paid close attention to Valeant's proposal, but the recent performance of Valeant and Pershing square has not solved the problems previously raised by Aerjian Elgin's board has to think seriously about the sustainability of Valeant's business model " In late May, Valeant raised its offer for a second time, offering $53 billion in cash and stock According to the best offer, Elgin shareholders will receive $72 per share in cash and 0.83 per share in Valeant Previously, Valeant had offered about $50 billion At present, Pershing Plaza owns 9.7% of Elgin, and is its largest shareholder In a SEC filing on June 2, Pershing Plaza called for a special meeting of shareholders of Allergan, intending to kick out six board members and force the company to negotiate with Valeant about something Pershing said had not yet done Elgin is known for Botox According to Valeant, the acquisition of Elgin will create an unparalleled product portfolio in Ophthalmology, dermatology and aesthetics, with significant cost and revenue synergies Original English: Allergan rejects Valeant Pharma's revised $53 bln takeover bid