Orange County Business Journal

Investors: Valeant Must Hike Allergan Bid

Vita Reed Friday, May 23, 2014

Valeant Pharmaceuticals International Inc. should raise its unsolicited offer to buy Irvine-based Allergan Inc. to roughly $53.5 billion to $59.5 billion or $180 to $200 a share, according to an investor survey released today by JP Morgan.

Canada-based Valeant originally offered some $47 billion for Allergan in late April. Allergan rejected that offer May 12, saying it undervalued the company.

Valeant is scheduled to raise its offer for Allergan on May 28 and hold a Webcast.

JP Morgan surveyed 123 investors to collect its findings on the bid.

A majority of the investors surveyed said they believe that Valeant’s offer will ultimately be successful.

Allergan shares were up 2% today to a market value of $49.6 billion.