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Cephalon Board Rejects Valeant’s $5.7B Merger Bid

Law360 (April 5, 2011, 9:24 PM EDT) -- Cephalon Inc. on Tuesday spurned Valeant Pharmaceuticals International Inc.'s $5.7 billion buyout bid, blasting the offer as inadequate and opportunistic, while Valeant vowed to turn to Cephalon shareholders to remove the drugmaker's current board of directors.

Cephalon's board unanimously rejected neurology and dermatology pharmaceutical developer Valeant's unsolicited offer of $73 per share in cash, saying the proposed price significantly undervalued the company.

Pennsylvania-based Cephalon accused Valeant of basing its proposal on the 30-day average Cephalon share price of $56.74, near the stock's 52-week low. The drugmaker...
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