Valeant Can't Justify Matching Actavis Bid for Allergan

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.

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)