Valeant Pharmaceuticals CEO Michael Pearson hasn’t quite gotten a quarter of Allergan’s shares pledged to having a special vote on his $53 billion offer for the company, but that isn’t shaking his confidence.
Valeant Pharmaceuticals International Inc. CEO Michael Pearson said the company is nearing its goal of rounding up enough support from Allergan Inc. shareholders to secure a vote on its $53 billion hostile bid for the Botox maker.
Once Valeant gets the 25% of Allergan shareholders needed to convene the vote, "both sides know how this will come out," Mr. Pearson said in an interview Tuesday, adding that he expects Valeant's offer to be accepted….
Talks with most of Allergan's 30 biggest shareholders suggest they feel Valeant's offer price is good, Mr. Pearson said. "It's all about the process" for obtaining the shareholder vote on its bid, he added. "That is why we feel quite confident, if we can get a special meeting," Mr. Pearson said.