Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX) CEO J. Michael Pearson, says his company will be persistent and patient with its bid for Allergan, Inc. (NYSE:AGN), but will not sacrifice running its business.
Valeant CEO: Will not overbid for Allergan
what i’ve read is some were expecting a much higher offer.if we had a higher offer maybe this deal would have been completed more quickly.but we’re going to remain financially disciplined.we believe this is a great deal for both sets of shareholders.it’s what we’ve heard from both sets of shareholders.my primary responsibility is for valeant shareholders. you had a lot of questions.is this your last bid.what do you say to that?could you go buyer than this? whae we said and consistently said we would be happy to sit down with them and make a final deal.we will not make any other offer until they’re willing to sit down with us or go directly to a special meeting.and in terms of our persistence,we were persist persistent.we will continue to making a question situations.we will continue to move forward.this does not change our business so we will be persistent. is there a time limit for how long you would wait if you have to call that special meeting and go directly to shareholders.that takes six months, toward the end of the year.are you willing to wait that long? we’re patient because we have no constraints.we can keep running our business.it doesn’t change anything for us.we think this is a great combination.we believe both sets of shareholders want it.we will be persistent and patient but also continue to run our business the way we always have. Allergan, Inc. (NYSE:AGN) came out and said their business model is sustainable.do you think you can convince investors today that they should have confidence in your business? i certainly hope so.i plowed of them and i have agreat deal of confidence in our people and i hope that the investors took that away from the presentation as well. there’s been speculation that allergan could do another deal,buying shire or do something tostave you off. i think it’s unlikely.they have an unflated stockprice right now because it’s based on the deal.it’s not based on fundamentals.i don’t think any other company is going to accept their currency.it’s awfully difficult for another board to come in and take their currency that’s currently inflated. you added to contingent on macular degeneration drug in the pipeline.what are you thoughts about that pipeline and why a vcvr might make sense? they touted this would be a$20 million cumulative drug.we’re a little less optimistic than they are on it.but we’re happy to — if it is successful, disproportionately share that with the allergan shareholders.it takes away one more excuse for why we have to wait for another three or four months before they’re willing to sit down. mike pearson, the ceo of