Valeant Willing To Improve Allergan Offer To Value Of At Least $200 a Share
Allergan Inc. shares rose more than 3% in premarket trade Monday, after Valeant Pharmaceuticals International Inc. said it was prepared to improve its offer for Allergan to a value of at least $200 a share. Valeant has been trying to buy Botox maker Allergan since April, but Allergan has repeatedly rejected its overtures. "Management has shown its true colors through "horse-choking" bylaws, baseless attacks and frivolous litigation," Valeant wrote in a letter to the Allergan board. "It is past time for the board to take control of this process, do what is right for the Allergan shareholders and come to the table." Allergan shares are up 65.4% in the year so far, while the S&P 500 has gained 6.3%.
Copyright © 2014 MarketWatch, Inc.