Cephalon Inc. April 5 announced that its board of directors has rejected Valeant Pharmaceuticals International Inc.'s unsolicited proposal to purchase the company for approximately $5.7 billion.
Valeant made the offer to acquire Cephalon for $73 per share in cash on March 29 (9 PLIR 411, 4/1/11).
In a letter to Valeant Chief Executive Officer J. Michael Pearson, the Cephalon board of directors said that after an analysis by its financial and legal advisers, that Valeant’s proposal is inadequate and not in the best interests of Cephalon’s shareholders.
Additionally, Valeant April 5 announced that it has filed with the ...
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