Cephalon Board Rejects Valeant’s $5.7B Merger Bid
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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