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Valeant chases Cephalon acquisition

Valeant Pharmaceuticals is to write to Cephalon shareholders in a bid to gain support

Valeant Pharmaceuticals International is to continue its pursuit of Cephalon just weeks after its original takeover bid was rebuffed.

Valeant has filed a revised preliminary consent solicitation statement and is to start sending it to Cephalon shareholders on April 22. This follows Valeant's all-cash offer for Cephalon of least $73 per share, which represents a 29 per cent premium to Cephalon's 30-day trading average, which was rejected by the Cephalon board a few days later.

Valeant has said that it is willing to increase its offer dependant on the results of a due diligence process.

The shareholder statement, penned by Valeant chairman and chief executive J Michael Pearson, said: "Unfortunately, Cephalon's board is unwilling to engage with us and has rejected our offer in favour of an uncertain standalone strategy. … We have begun a consent solicitation process to request that Cephalon stockholders take action to replace the current Cephalon Board with the eight highly-qualified and well-respected professionals we have nominated for election to the Cephalon Board. 

"We believe our nominees have the right experience, skills and qualifications to effectively maximise value for, and properly represent, the interests of Cephalon's stockholders and will be committed to exploring all of the options to maximise value, consistent with their fiduciary responsibilities."

The letter concluded: "If we do not receive consents from holders of greater than 50 per cent of the outstanding shares of common stock by May 12, 2011, we intend to withdraw our offer and pursue other opportunities."

21st April 2011

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