Dominion Lending Centres Clearlease Reports shares soars on Valeant (TSX:VRX) bid for Cephalon (Nasdaq:CEPH)
Vancouver, B.C., Canada (March 30, 2011) – Clearlease.com reports Valeant Pharmaceuticals International (TSX:VRX) sees shares skyrocket after $5.7-million bid
Cephalon (Nasdaq:CEPH) shares jumped 28 per cent Wednesday morning in their first trading since Valeant (TSX:VRX) made its US$73 per share offer after markets closed on Tuesday. The hostile bid followed several attempts to negotiate a friendly deal.
Cephalon stock rose above Valeant’s bid to $75.22, suggesting that some investors believe the company is worth more.
“If Cephalon’s board and management team provides us with the opportunity to do some due diligence, we would be open to sharing a piece of the upside with Cephalon shareholders and give a bump to our offer,” Valeant chairman and chief executive Michael Pearson said on a conference call to discuss the takeover plans.
“We have also made it clear that we will remain disciplined on any final offer price and we will not pursue this transaction at any cost.”
Valeant said it plans to borrow all of the money required to make the cash offer for Cephalon, and said New York investment firm Goldman Sachs & Co. has provided a highly confident letter for the full amount. The Canadian company, which was known as Biovail until a rebranding last year, says it’s making the hostile bid after being rebuffed several times by Cephalon’s board and management.
Valeant shares gained 11 per cent or $4.92 to $48.22 on the Toronto Stock Exchange.
However, it faces several hurdles as it attempts to convince shareholders that the deal is compelling, including a defensive strategy invoked by Cephalon’s board that would not allow stockholders to accept an offer without the board’s approval.
Pearson said Valeant is undergoing a process next week in an effort to solicit shareholder support to replace Cephalon’s current board of directors with its own nominees. But he added that it was never Valeant’s intention to go public with the offer and preferred to negotiate a more direct private offer.
“We decided to take the step of appealing directly to shareholders due to the lack of urgency on the part of the board of directors and their decision to continue to spend a fair amount of money, about $400 million in the last week or so in what we view as high-risk investments,” Pearson said.
The bid comes one day after Cephalon announced a friendly offer to buy ChemGenex of Australia.
Pearson was a major player in last year’s merger between Biovail and Valeant, based in Aliso Viejo, Calif. He had been chairman and CEO of Valeant and now heads the combined company, which retained Biovail’s corporate headquarters in Mississauga, Ont.
Cephalon researches and develops drugs to treat central nervous system disorders, pain, cancers and inflammatory disease. Valeant is increasingly focusing on neurology and dermatology drugs.
Cephalon, headquartered in Frazer, Pa., issued a statement late Tuesday saying Valeant had proposed on March 18 to buy the whole company for US$73 per share and on March 25 it offered to buy the whole company for the same amount or its non-oncology assets for $2.8 billion.
“Upon the receipt of each of Valeant’s proposals, Cephalon acted expeditiously to commence an analysis of both alternatives presented by Valeant,” Cephalon said.
“In addition, the company advised Valeant that its board of directors would be meeting to consider the proposals and planned to respond to Valeant during the week of April 4.”
Cephalon said its directors are “very aware” of their responsibility to shareholders and intend to consider the unsolicited proposal from Valeant with a view to maximize shareholder value. It said shareholders they don’t need to take any action at this time in response the Valeant offer.
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouver, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html . You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Pidgeon, Editor
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
###
Vancouver, B.C., Canada (March 30, 2011) – Clearlease.com reports Valeant Pharmaceuticals International (TSX:VRX) sees shares skyrocket after $5.7-million bid
Cephalon (Nasdaq:CEPH) shares jumped 28 per cent Wednesday morning in their first trading since Valeant (TSX:VRX) made its US$73 per share offer after markets closed on Tuesday. The hostile bid followed several attempts to negotiate a friendly deal.
Cephalon stock rose above Valeant’s bid to $75.22, suggesting that some investors believe the company is worth more.
“If Cephalon’s board and management team provides us with the opportunity to do some due diligence, we would be open to sharing a piece of the upside with Cephalon shareholders and give a bump to our offer,” Valeant chairman and chief executive Michael Pearson said on a conference call to discuss the takeover plans.
“We have also made it clear that we will remain disciplined on any final offer price and we will not pursue this transaction at any cost.”
Valeant said it plans to borrow all of the money required to make the cash offer for Cephalon, and said New York investment firm Goldman Sachs & Co. has provided a highly confident letter for the full amount. The Canadian company, which was known as Biovail until a rebranding last year, says it’s making the hostile bid after being rebuffed several times by Cephalon’s board and management.
Valeant shares gained 11 per cent or $4.92 to $48.22 on the Toronto Stock Exchange.
However, it faces several hurdles as it attempts to convince shareholders that the deal is compelling, including a defensive strategy invoked by Cephalon’s board that would not allow stockholders to accept an offer without the board’s approval.
Pearson said Valeant is undergoing a process next week in an effort to solicit shareholder support to replace Cephalon’s current board of directors with its own nominees. But he added that it was never Valeant’s intention to go public with the offer and preferred to negotiate a more direct private offer.
“We decided to take the step of appealing directly to shareholders due to the lack of urgency on the part of the board of directors and their decision to continue to spend a fair amount of money, about $400 million in the last week or so in what we view as high-risk investments,” Pearson said.
The bid comes one day after Cephalon announced a friendly offer to buy ChemGenex of Australia.
Pearson was a major player in last year’s merger between Biovail and Valeant, based in Aliso Viejo, Calif. He had been chairman and CEO of Valeant and now heads the combined company, which retained Biovail’s corporate headquarters in Mississauga, Ont.
Cephalon researches and develops drugs to treat central nervous system disorders, pain, cancers and inflammatory disease. Valeant is increasingly focusing on neurology and dermatology drugs.
Cephalon, headquartered in Frazer, Pa., issued a statement late Tuesday saying Valeant had proposed on March 18 to buy the whole company for US$73 per share and on March 25 it offered to buy the whole company for the same amount or its non-oncology assets for $2.8 billion.
“Upon the receipt of each of Valeant’s proposals, Cephalon acted expeditiously to commence an analysis of both alternatives presented by Valeant,” Cephalon said.
“In addition, the company advised Valeant that its board of directors would be meeting to consider the proposals and planned to respond to Valeant during the week of April 4.”
Cephalon said its directors are “very aware” of their responsibility to shareholders and intend to consider the unsolicited proposal from Valeant with a view to maximize shareholder value. It said shareholders they don’t need to take any action at this time in response the Valeant offer.
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouver, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html . You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Pidgeon, Editor
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
###Dominion Lending Centres Clearlease Reports shares soars on Valeant (TSX:VRX) bid for Cephalon (Nasdaq:CEPH)
Vancouver, B.C., Canada (March 30, 2011) – Clearlease.com reports Valeant Pharmaceuticals International (TSX:VRX) sees shares skyrocket after $5.7-million bid
Cephalon (Nasdaq:CEPH) shares jumped 28 per cent Wednesday morning in their first trading since Valeant (TSX:VRX) made its US$73 per share offer after markets closed on Tuesday. The hostile bid followed several attempts to negotiate a friendly deal.
Cephalon stock rose above Valeant’s bid to $75.22, suggesting that some investors believe the company is worth more.
“If Cephalon’s board and management team provides us with the opportunity to do some due diligence, we would be open to sharing a piece of the upside with Cephalon shareholders and give a bump to our offer,” Valeant chairman and chief executive Michael Pearson said on a conference call to discuss the takeover plans.
“We have also made it clear that we will remain disciplined on any final offer price and we will not pursue this transaction at any cost.”
Valeant said it plans to borrow all of the money required to make the cash offer for Cephalon, and said New York investment firm Goldman Sachs & Co. has provided a highly confident letter for the full amount. The Canadian company, which was known as Biovail until a rebranding last year, says it’s making the hostile bid after being rebuffed several times by Cephalon’s board and management.
Valeant shares gained 11 per cent or $4.92 to $48.22 on the Toronto Stock Exchange.
However, it faces several hurdles as it attempts to convince shareholders that the deal is compelling, including a defensive strategy invoked by Cephalon’s board that would not allow stockholders to accept an offer without the board’s approval.
Pearson said Valeant is undergoing a process next week in an effort to solicit shareholder support to replace Cephalon’s current board of directors with its own nominees. But he added that it was never Valeant’s intention to go public with the offer and preferred to negotiate a more direct private offer.
“We decided to take the step of appealing directly to shareholders due to the lack of urgency on the part of the board of directors and their decision to continue to spend a fair amount of money, about $400 million in the last week or so in what we view as high-risk investments,” Pearson said.
The bid comes one day after Cephalon announced a friendly offer to buy ChemGenex of Australia.
Pearson was a major player in last year’s merger between Biovail and Valeant, based in Aliso Viejo, Calif. He had been chairman and CEO of Valeant and now heads the combined company, which retained Biovail’s corporate headquarters in Mississauga, Ont.
Cephalon researches and develops drugs to treat central nervous system disorders, pain, cancers and inflammatory disease. Valeant is increasingly focusing on neurology and dermatology drugs.
Cephalon, headquartered in Frazer, Pa., issued a statement late Tuesday saying Valeant had proposed on March 18 to buy the whole company for US$73 per share and on March 25 it offered to buy the whole company for the same amount or its non-oncology assets for $2.8 billion.
“Upon the receipt of each of Valeant’s proposals, Cephalon acted expeditiously to commence an analysis of both alternatives presented by Valeant,” Cephalon said.
“In addition, the company advised Valeant that its board of directors would be meeting to consider the proposals and planned to respond to Valeant during the week of April 4.”
Cephalon said its directors are “very aware” of their responsibility to shareholders and intend to consider the unsolicited proposal from Valeant with a view to maximize shareholder value. It said shareholders they don’t need to take any action at this time in response the Valeant offer.
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouver, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html . You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Pidgeon, Editor
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
###