Valeant Pharmaceuticals

Acquisitions should be amicable. They should not become an addiction used to hide how crummy your operating margins are, but used sparingly, like when you are trying to stave off the affections of a serial acquirer. And they should definitely not involve Bill Ackman or alleged insider-trading. Behold: Read more »

  • 05 Aug 2014 at 12:00 PM

Andrew Ross Sorkin Smells Something Fishy

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 »

And that form is a lawsuit which he has to pay lawyers to file. Phone calls, e-mails, letters, telegrams, CNBC appearances, PowerPoint presentations and carrier pigeons with the query, “Will my plan to solicit proxies to oust a majority of your stupid, intransigent board cause me troubles vis-à-vis poison pills?” were allegedly and will be in the future ignored, returned unread or turned over to Allergan’s vaunted R&D operations. Read more »

Allergan, which Bill Ackman would very much like to see become a subsidiary of Valeant Pharmaceutricals, is based in Irvine, Calif. Ed Royce is a congressman who represents a swath of Orange County to Irvine’s north, and who presumably counts a few Allergan employees as constituents, and who will be spending some of Allergan’s money in an effort to be reelected in November.

This same Ed Royce does not think much of Bill Ackman’s plan to take it to the people and ask Allergan shareholders whether they’d like to take the now $49.9 billion Valeant would like to give them for their company, and he’s not afraid to tell Mary Jo White all about it. Read more »

Like the Pershing Square chief, the Kynikos Associates founder is long Botox. The similarities end there. Read more »

It’s got, like, other options. And it so did not get rejected by the cooler pharmas. Just cool it and let it figure things out. Jeez. Read more »

Nobody asked Bill Ackman if he was OK with Allergan telling Valeant to go shove it because they’re a terrible company whose only business is to buy other businesses. He’d like to know if they asked anybody else. Read more »