Valeant Pharmaceuticals aims to take its bid for Allergan to the Botox maker's shareholders after Allegan's board unanimously rejected its latest offer of about $53 billion.
Valeant said Tuesday that it looked forward to giving shareholders the opportunity "to speak for themselves" after Allergan Chairman and CEO David Pyott said that the offer wasn't worth discussing in a letter to his Valeant counterpart, Michael Pearson.
Valeant, teamed with activist investor Bill Ackman's Pershing Square Capital Management, went public with its offer to buy Allergan in April and has since upgraded its pitch several times.
Allergan has said repeatedly that it opposes a deal. The Irvine, California-based company says the latest bid, from May 30, still substantially undervalues Allergan Inc. and is risky for its shareholders because it includes Valeant stock. Allergan has criticized Valeant's business model. It says the Canadian drugmaker's growth is unsustainable because it depends too much on acquisitions and price increases.
A Valeant spokeswoman said in an email that Allergan "is recycling the same unsupported arguments about Valeant that have already been addressed, leaving us no choice but to take our offer directly to shareholders."