Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: FTC taking a close look at Valeant's planned acquisition of Allergan, (Aug 12, 2014)
Organizations Mentioned:Allergan, Inc. | Valeant Pharmaceuticals International, Inc.
The FTC has issued second requests under the Hart-Scott-Rodino Act to Valeant Pharmaceuticals International, Inc. and Allergan, Inc. as part of its review of Valeant's proposed acquisition of Allergan. Yesterday, both companies disclosed the requests for additional information and said that they were cooperating with the agency.
Valeant, a multi-national specialty pharmaceutical company based in Canada, announced its plan to merge with Valeant in April. At that time, Valeant noted that one of the benefits of the transaction was “No Antitrust Uncertainty.”
Allergan, a California-based multi-specialty health care company that began as a provider of eye care products, is opposed to the unsolicited transaction. According to a company statement released yesterday, “Allergan's Board of Directors unanimously determined that Valeant's unsolicited exchange offer is grossly inadequate, substantially undervalues the Company, creates significant risks and uncertainties for Allergan stockholders, and is not in the best interests of the Company and its stockholders.” Earlier this month, Allergan filed a lawsuit against Valeant alleging violations of federal securities laws in connection with the planned takeover.
Companies: Allergan, Inc.; Valeant Pharmaceuticals International, Inc.
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