Any of this sound familiar? Cephalon management rejects Valeant offer as "opportunistic", "significantly undervaluing the company", made while its stock is near a 52 week low, is "inadequate" and "too cheap".
Valeant pushes forward a slate of 7 replacement board members for the Cephalon shareholder's to consider at the upcoming annual meeting, and states it may raise its offer abit if it can take a peak at the books for 2 to 3 weeks.
Analysts say that the offer might need to be sweetened to "$75 to $80" per share to get the deal done quickly.
Go back and look at Genzyme and Sanofi dance and tell me what's not the same in the rhetoric and by coincidence even the shareprice range to close the deal is the same.
If we can just find a reason to throw in a CVR and it will be deja vu all over again. However, in this case Valeant vows to put the whole deal in the Cephalon shareholders HANDS and will conlcude its "courtship" within the next 60 days one way or the other. See WSJ, Fierce Biotech and AFP.
Posted by Bruce Lehr April 6th 2011.