Botox-maker Allergan AGN 1.24% could be nearing a $65 billion buyout by Actavis ACT 0.89% , a deal that would sideline a hostile takeover offer by Valeant Pharmaceuticals.
The Allergan-Actavis merger is expected to be announced as early as Monday, according to a report by Reuters, citing a person familiar with the matter. Reuters is also reporting that Actavis may pay Allergan shareholders between $215 and $220 per share.
That valuation is above the roughly $54 billion Valeant offer, and Reuters reports the competing offer appears to be out of Valeant’s reach.
Valeant first disclosed its offer to acquire Allergan in April, a takeover bid that won support from Allergan’s top shareholder, Bill Ackman’s hedge fund Pershing Square Capital Management LP. Pershing Square has sought to replace Allergan’s board with representatives that would favor the tax-inversion takeover with Canada-based Valeant. That structure would allow Valeant to squeeze additional value from the acquisition by moving Allergan’s headquarters from its current California home.
Allergan has generated $5.33 billion in total revenue for the first nine months of this year, up from $4.62 billion in the prior-year period. Net earnings have also climbed.
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