NEW YORK (AP) — Valeant plans to take a buyout offer for Allergan directly to its shareholders this week, as the Botox maker continues to rebuff its proposals that have risen as high as $53 billion.
Valeant Pharmaceuticals International Inc. Chairman and CEO J. Michael Pearson said in a conference call Tuesday that proxies seeking support for its bid may be mailed in "the near-term."
"It is clear Allergan's management and their board will never sit down and act in the interest of their shareholders," he said.
Canadian-based Valeant has teamed with Bill Ackman's Pershing Square Capital Management to try to purchase Allergan. The two companies went public with their takeover attempt in April and have increased their offer several times.
Allergan Inc. has repeatedly rejected the offers as underpriced and risky. But Pearson said that Valeant believes an Allergan shareholder vote would "be overwhelmingly in support of the deal."
Valeant and Pershing — which has a 9.7 percent stake in Allergan — have continued to pursue Allergan despite the Irvine, California company's disinterest. The latest offer was worth about $53 billion. Allergan's market capitalization was about $48 billion in midday trading Tuesday.
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