Valeant Fires Back After Allergan Calls Offer "Grossly Inadequate"

The heat in the Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX) unsolicited takeover offer for Allergan, Inc. (NYSE:AGN) is getting hotter, with Allergan advising their investors to reject Valeant’s “grossly inadequate” offer. Valeant fired back this morning in a press release refuting Allergan’s "misleading assertions."

Allergan, Inc. (NYSE:AGN)’s board said the Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX) offer should be rejected because it undervalues the company and creates significant risks and uncertainties for Allergan shareholders. Allergan had previously attacked Valeant’s $52.7 billion offer largely based on the price of Valeant shares, which it said was inflated, as reported in ValueWalk. Allergan also had issues with Valeant’s business...