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news.Valeant Pharmaceuticals aspires to acquire Cephalon for approximately $5.7bn, and has sent a proposal to the board of directors of Cephalon to acquire the company for $73 per share in cash.
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Valeant is planning to commence a consent solicitation process during the week of April 4th in an effort to replace Cephalon’s current Board of Directors with its own nominees.
Valeant chairman and CEO Michael Pearson said they have taken a close look at Cephalon’s business and believe they put forward a compelling offer for Cephalon’s stockholders.
"Given the importance of this transaction proposal to shareholders of both companies, and given that Cephalon’s management continues to pursue strategies that in our view reduce the value of a merged entity, we have decided to make our proposal public," Pearson said.
"We believe this will enable the Cephalon stockholders to determine for themselves whether their board and management should engage with Valeant in a meaningful and productive dialogue regarding our proposal."