Late last week, Botox-maker Allergan Inc sued Valeant Pharmaceuticals and Pershing Square, alleging the latter two had engaged in insider trading when Pershing bought $1 billion worth of Allergan shares ahead of a takeover offer by the hedge fund and Valeant. On the suggestion of wrongdoing, Valeant called with charges “baseless,” while Ackman stated in a press release that “This is a shameless attempt by Allergan to delay the shareholders’ fundamental right to call a special meeting and vote their shares. Allergan is threatened by our progress toward calling the special meeting. This scorched-earth approach is further evidence of the board’s and management’s further entrenchment.”
Not entirely convinced? Dealbook‘s Andrew Ross Sorkin, who in his column today says WAIT JUST A SECOND, PEOPLE. Read more »
The Botox-maker would like to reiterate that Valeant doesn’t just need a facelift: It needs to be euthanized so that real pharmaceutical companies can make money the old-fashioned way, by repurposing deadly pathogens and marketing them to insecure women. Read more »
Bill Ackman is pretty good at waiting. He waited more than a year for JC Penney to see the light and hire the guy he wanted as CEO, and then another year-and-a-half for that guy to fail spectacularly and saddle him with a half-billion dollar loss. Speaking of half-billion dollar losses, he waited for more than a year for a power that is to start looking into his allegation that there’s something amiss at diet-shake distributor and distributor-recruiter Herbalife, and now he’s patiently waiting for one of them to shut it down.
Ackman, who has teamed up with Canadian pharmaceutical company Valeant to launch a $45.6 billion takeover of Botox maker Allergan, warned drugmakers Tuesday that he plans to go on a little buying spree. “This is not the last deal we’re going to do,” he said. “We’re already talking about the next deal we’re going to do with Valeant.” “There are $10 trillion worth of targets,” said Ackman, referring to the combined market cap of the pharmaceutical industry. “I call this the shopping list.” [NYP]
Have the past several years wreaked havoc on your looks? Do you wake up with new wrinkles every day? Is your face starting to look like an old catcher’s mitt? Do you stare into the mirror and wonder who the old, haggard looking man staring back is? Does it look like a bag lady has taken up residence under your eyes? Do you have trouble concentrating at work because you’re constantly wondering if people are discussing how badly you’ve let yourself go? Do you catch a glimmer of your reflection and think, “Why would anyone want to fuck me? I’m hideous.” Are you generally disgusted with yourself? Do you want to do something about it, something involving a doctor’s office and needles, but are afraid of what people might think? Don’t be! According to Bloomberg lots of guys are taking 20 to “refresh” themselves and in fact, financial services employees represent “the fastest growing segment” of Dr. Dendy Engelman’s “patient population.” Everybody does it, it’s just that no one talks about it. Read more »
Since becoming Treasury Secretary, Tim Geithner has taken a whole lot of shit, from both the outside world and internally at work. His boss makes “jokes” in public about dogs pissing on him, chief executives openly speak of his uselessness and hardly a day goes by without a story claiming he’s getting fired and replaced by (take your pick) Jamie Dimon, Mike Bloomberg, or Jojo the idiot circus boy. Basically, his tenure in Washington has become one long blow of the sad trombone. TG has taken most of it in stride but guess what, people? The jabs? They add up. And today’s, courtesy of Bloomberg BusinessWeek, just might be the one that pushes him over the edge and by over the edge, we mean into a plastic surgeon’s office. Read more »
It’s not just doctors and scientists that need STEM education. America’s shifting economy is demanding more trained workers in many different sectors. See how Travis Brooks got the hands-on education he needed to become a technician at the Chevron Pascagoula Refinery. Visit The Atlantic to learn more.