Quiet Pyott; PSO Holds Key to 4th; More Maseratis?

Here’s one way to look at things as the dust settles on last week’s action in the hostile bid for Allergan by Valeant Pharmaceuticals and Pershing Square’s Bill Ackman: Allergan boss David Pyott’s less-is-more approach on PR tops the raiders’ tendency to work the press at each turn of the drama. It seemed like a game changer at first blush on June 26, when Paulson & Co. announced it had amassed a 2% stake in Allergan—and promptly went public in favor of the takeover bid. Valeant shares saw their first significant increase in a couple of weeks during the hours before Paulson’s move became public. Pyott offered no reaction—and Valeant’s shares remained flat in early trading the next day. Valeant boss Michael Pearson went to the press around midday to say he was “delighted” with Paulson’s position. Valeant’s shares hardly budged the rest of the session, meaning its offer—$72 in cash and 0.83 of a share of its own for each share of Allergan—got no better. Friday came, and Valeant shares rose about 1% on yet another proposed deal in the busy pharma sector and ticked up a bit more on word that Ackman, who holds a 9.7% stake in Allergan, had reached a settlement with the company on its poison pill, clearing the way for him to solicit fellow shareholders in a push for a special meeting. Lots of moves, lots of press—and Valeant’s bid still finished the week below the $53.5 billion-to-$59.5 billion price range set by a recent JPMorgan survey of Allergan investors … The Pacific Symphony Orchestra knows how to mix it up—what else to say about a Fourth of July lineup that includes a bunch of snap-brimmed horn blowers and the great-great-grandson of Francis Scott Key, composer of our national anthem. Ninety-year-old George Key, who lives in San Clemente, will be on stage at the Verizon Wireless Ampitheater when the orchestra opens with “The Star-Spangled Banner,” paving the way for the 1940s-style swing stylings of Big Bad Voodoo Daddy … Not as much history behind OCBJ sales staffer Steve Gall’s family tie to another upcoming Independence Day performance: His son Michael will be on keyboards and vocals with Fusion Beat when it opens for 1970s stalwart KC and the Sunshine Band on the evening of the 4th at the Newport Dunes Waterfront Resort & Marina … Ascher Mudd—the little fellow pictured above—was born on May 31, a bit early for a Fourth of July theme but in good time to catch the L.A. Kings’ drive to the Stanley Cup. He’s the grandson of another one of our sales pros, Sheldon Ascher, who made sure the kid got on a winner with some Kings gear … It’s a holiday week, so allow the Insider one more inside job with a goodbye and hello to the TV persona of our Executive Editor Rick Reiff, who will call it a wrap after 10 years as host of SoCal Insider with a taping at the PBS SoCal studio in Costa Mesa this week. The hello will have to wait until August, when Reiff will stick with the station but switch shows, cohosting Studio SoCal with Elizabeth Espinosa, who’s also a reporter for KTLA and host on KFI/AM … Anyone else notice more Maseratis around here lately?