Valeant Can't Justify Matching Actavis Bid for Allergan

Features Reuters

Valeant Pharmaceuticals International Inc Chief Executive Michael Pearson said on Monday that the company can't justify matching Actavis Plc's $219 per share bid for Allergan Inc.

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Allergan agreed to be bought by Actavis for $66 billion, more than $12 billion above the current value of a hostile bid by activist investor William Ackman and Valeant. (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Bernadette Baum)