By Karlee Weinmann (May 9, 2014, 3:39 PM EDT) -- Botox maker and takeover target Allergan Inc. is preparing to reject the $46 billion hostile bid jointly lobbed by rival Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman, the Financial Times reported on Friday. California-based Allergan has been consulting attorneys and other advisers for the past two weeks and could deliver its verdict on the landmark offer as soon as Monday, citing concerns that Valeant is using too much stock to cover the purchase price, among others. Both Valeant and Ackman have made clear they intend to pursue the buyout regardless, suggesting earlier this week that they are planning a board shake-up and nonbinding shareholder vote. Allergan adopted a poison pill days after the suitors revealed their offer, saying it needed breathing room to consider the terms....
Law360 is on it, so you are, too.
A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions.
