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Cephalon Board Rejects Valeant's $5.7B Merger Bid

By Bibeka Shrestha (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....

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