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Valeant rejected joint takeover bid from Takeda, TPG in spring-WSJ

Published 2016-05-26, 07:59 p/m
© Reuters. Valeant rejected joint takeover bid from Takeda, TPG in spring-WSJ

May 26 (Reuters) - Valeant Pharmaceuticals International Inc (NYSE:VRX)
VRX.TO received a joint takeover offer from Japan's Takeda
Pharmaceutical Co Ltd 4502.T and TPG Capital Management LP
TPG.UL this spring that the Canadian drugmaker rejected, the
Wall Street Journal reported, citing people familiar with the
matter.
Valeant rejected the offer, which came a month or two ago,
before the company hired its new chief executive, Joseph Papa,
in April, and did not include a firm price, the newspaper
reported. (http://on.wsj.com/1TZplmC)
The newspaper also said there are currently no talks between
the three companies following the bid's rejection, and that
Valeant's board was seeking to give Papa time to chart a course
for the company.
Valeant's shares were up 5 percent at $28.45 on the New York
Stock Exchange in extended trading on Thursday.
TPG declined to comment. Takeda and Valeant did not
immediately respond to a request for comment.

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