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Five most recent developments in the Allergan-Valeant saga
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The ongoing takeover battle between Valeant and Allergan has shown no sign of closure, as further speculation of bids continues to flood the industry news wires.
In April, William A. Ackman and Valeant first announced they would try to acquire Allergan; however, a series of events have since unfolded. From Allergan’s lawsuit against Valeant and Pershing Square, to a potential deal with Salix Pharmaceuticals, Healio.com has provided the latest coverage of this ongoing story.
Here is a brief timeline of the five recent updates regarding Allergan and Valeant:
Aug. 1: Allergan lawsuit against Valeant, Pershing Square cites securities violations
Allergan has filed a lawsuit in the U.S. District Court against Valeant Pharmaceuticals, Pershing Square Capital Management, and its principal, William A. Ackman, citing violations to federal securities laws prohibiting insider trading, engagement in fraudulent practices and failure to disclose legally required information.
The complaint alleges that between February and April 2014, Pershing Square purchased Allergan stock and securities valued at more than $3.2 billion from unknowing Allergan stockholders, with full understanding of Valeant’s non-public takeover intensions. Read more.
Aug. 18: Valeant extends expiration of offer to acquire Allergan
Valeant Pharmaceuticals announced it has delayed the expiration of its exchange offer to acquire all outstanding shares of Allergan to 5 p.m. EST on Dec. 31, 2014, from the originally scheduled expiration date of Aug. 15, 2014. Read more.
Aug. 27: Allergan requests preliminary injunction against Valeant, Pershing Square
As part of the preliminary injunction, Allergan will seek an order prohibiting Valeant, Pershing Square and Ackman from exercising rights and benefits associated with Allergan shares that have been acquired unlawfully, according to a company press release. Read more.
Sept. 24: Allergan rejects Valeant reach out, Ackman threatens suit over Salix
Allergan has received letters from J. Michael Pearson, chairman and CEO of Valeant, and William A. Ackman, CEO of Perishing Square Capital Management, in response to recent events surrounding the proposed merger between the companies. Read more.
Sept. 30: Allergan issues statement on Valeant offer, investor JSP voices concerns
Following various reporting and market speculation, including a letter from Allergan investor Jackson Square Partners, Allergan issued a statement from its board of directors reiterating its stance on the offer by Valeant Pharmaceuticals. Read more.