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| Allergan CEO David Pyott |
Allergan's ($AGN) board has unanimously shrugged off the latest bid from Valeant Pharmaceuticals ($VRX) and activist investor Bill Ackman, dismissing a $53 billion offer and setting the stage for a proxy fight. Valeant's latest proposal, under which each shareholder would get $72 and 0.83 shares of Valeant per Allergan share, "substantially undervalues" the company, CEO David Pyott said in a statement, and Allergan is sticking to its assertion that a Valeant takeover would hamstring its growth. The parties have never formally discussed a buyout, and that's not about to change, Pyott said. Instead, Valeant and Ackman's Pershing Square Capital Management, which owns 9.7% of Allergan, are taking their pitch to shareholders, seeking a special meeting to depose 6 members of the company's board to get the deal done. More