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Thursday, Mar 28, 2024
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Pyott Keeps Powder Dry; Chuck’s Tomatoes; Viva Gudino, Center Club

This week’s Special Issue features the OC 50, our annual inventory of influence, which has included David Pyott ever since 1998, shortly after he signed on as CEO of Allergan Inc. The drug maker has grown to a market cap of nearly $50 billion, and shareholders have seen a return of about 1,900% over Pyott’s tenure. That hasn’t mattered much to Bill Ackman and Valeant Pharmaceuticals boss Michael Pearson as they make a hostile bid for Allergan with cost-cutting in mind … Pyott initially looked to have no option other than a frantic search for a White Knight. But it seems Ackman and Valeant veered toward frantic last week while Pyott kept his powder dry, declining public comment as Allergan took its time before saying it would consider Valeant’s bid … Ackman said he’d look to force changes to Allergan’s board, Allergan kept mum, and Valeant sent its CFO into the public arena to express “frustration” … Next came a rumor that Allergan would formally reject Valeant’s bid—initially valued at around $47 billion. Then came word that Pyott would address the matter first thing this week … Meanwhile, a key aspect went overlooked as Valeant’s stock dropped last week, a trend that could play to Pyott’s favor by making the hostile bid—which calls for 0.83 of Valeant shares for each of Allergan’s—less appealing … What’s a fire-bird tomato? Something you got with a green pasta nest and fresh pesto sauce if you were at Chuck Martin’s place for dinner and a discussion with UC President Janet Napolitano on the selection of a new chancellor for UCI. Martin’s not saying who the other guests were, but here’s betting there were some OC 50ers at the table (see related story, page 6) … The chancellor’s job at UCI typically calls for a spot on the OC 50, with an exception this year because Michael Drake is a (no pun intended) lame duck, bound for the top job at Ohio State. That’s one of several developments that led to a turnover of about 10% on this year’s OC 50 (see related story, page 1) … Seen: Magic Johnson at the sports memorabilia seminar hosted last week by First Foundation Advisors at the Newport Sports Museum, where an online auction of about 300 items is under way … Expect to see: Sacramento Kings partner Raj Bhathal representing the team for the drawing to determine the top pick in the upcoming NBA draft … Must see: The train set that brightens up the waiting room at the new home of the Center for Autism and Neurodevelopmental Disorders in Santa Ana. The choo-choo is just part of what comes from having the William & Nancy Thompson Family Foundation as one of several key supporters of the center, which is an inspiration … You can get a side order of inspiration at the Center Club these days, provided you sit in Jesús Gudino’s section and ask the veteran waiter how he feels after undergoing kidney and liver transplants last September. The native of Michoacan, Mexico, had jobs at three OC restaurants before he underwent the procedures. He’s down to one in support of his wife and two daughters. The Insider sends kudos to Gudino on his recovery—and to the Center Club for holding his spot during his recovery.

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