Don't send out any save-the-dates for that Allergan special shareholder meeting just yet. Valeant has won a request for an expedited trial over the timing of the meeting, a key step in its $50 billion hostile takeover plans.
Put it on the calendar: Allergan has scheduled its special shareholder meeting--key to Valeant's takeover attempt--for Dec. 18. But that doesn't mean it won't continue to fight the very idea in court.
Even a heated takeover battle replete with litigation, a media war, and plenty of name-calling can't grind the Valeant M&A engine to a halt. The company has resumed its skincare buying spree, picking up a dermatology portfolio and an array of specialty products from Valeo Pharma for $25.3 million.
Ever since Valeant Pharmaceuticals swooped in for a takeover, Allergan executives and analysts have suggested a way out: Allergan could hustle up its own deal. Now, a Valeant lawsuit could close that exit, at least for now.
On Thursday, a judge ruled that an Allergan lawsuit against Valeant wouldn't delay a potential special meeting of Allergan shareholders, at which the Canadian pharma hoped to oust the Botox-maker's board and strike its takeover defenses. The news came not a moment too soon for Valeant, which now says it has successfully rounded up the support needed to call that meeting.
Allergan CEO David Pyott has hinted he might make a pickup to thwart Valeant's attempts to take over his company. And now that one-time target Shire is off the table after being snatched up by AbbVie, his sights may be set on Salix.
Allergan, working to fend off a hostile approach from Valeant Pharmaceuticals, is reportedly taking a look at the smaller Salix Pharmaceuticals, weighing a multibillion-dollar deal that could render it unattainable--or at least drive up its asking price.
Valeant's tender offer for Allergan isn't expiring just yet. The company has extended the deadline to Dec. 31, giving it and activist investor partner Bill Ackman a few more months to go after deal-averse Allergan.
Go ahead and investigate Valeant and Pershing Square Capital Management, the drugmaker's deal partner in its $54 billion hostile bid for Allergan, the pair said Thursday in response to a reported SEC probe over insider trading. According to them, they've got nothing to hide.
A top Valeant shareholder isn't saying the company can't win its hostile $53 billion takeover battle for Allergan. It's just saying it doesn't need to.