Deals
Cephalon Spurns Valeant’s $5.7 Billion Hostile Bid as Low
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Four months after its founder and chief executive officer passed away, Cephalon Inc. is battling a $5.7 billion hostile bid from Valeant Pharmaceuticals International Inc., saying the offer is too low.
Cephalon rejected Valeant’s $73-a-share cash bid yesterday, saying it is “opportunistic” and undervalues the company’s marketed and experimental medicines. At that price, the deal would be the cheapest of any drug company takeover of more than $1 billion, according to data compiled by Bloomberg.