Allergan shareholders signal they would accept USD 180-per-share offer from Valeant
The majority of Allergan’s largest investors have signalled they would support a sale of the Irvine, California-based healthcare group to NYSE-listed Valeant at USD 180 per share, a 31 May newswire report said. Bloomberg reported that an anonymous person familiar with the situation said Pershing Square Capital Management, a 9.7% Allergan shareholder which is pushing for the sale, met other Allergan shareholders on 29 May, at which time they indicated a USD 180-per-share deal would be acceptable.
The report noted that on 30 May Valeant tabled a revised offer for Allergan worth around USD 53.3bn and comprising USD 72 per share cash and 0.83 of a Valeant share - equivalent to a total USD 179.25 per share based on Valeant’s share price by end of play on 29 May, the report said. It noted that Pershing Square has offered to give up the cash part of Valeant’s offer in return for the proposal being increased for other Allergan investors.
Source Newswire Round-up, Bloomberg News