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Home Industry News Cephalon receives takeover bid from Valeant Pharmaceuticals

Cephalon receives takeover bid from Valeant Pharmaceuticals

30th March 2011

Cephalon has received a proposal for a potential merger deal from Valeant Pharmaceuticals valued at $5.7 billion (3.55 billion pounds).

The unsolicited bid has been made following private correspondence between the two companies regarding a potential takeover of the entire Cephalon organisation, or of its non-oncology related assets in isolation.

J Michael Pearson, chairman and chief executive officer of Valeant, stated that it believes its proposal presents Cephalon's stockholders with a "very compelling offer".

He added: "If our offer does not have the requisite support of Cephalon's stockholders, we will focus our attention on other opportunities to invest our capital."

Following the receipt of the Valeant bid, Cephalon has confirmed that it will be conducting a review of the options with which it has been presented and intends to pursue a course of action that provides optimum shareholder value.

Its board of directors will meet to discuss the issue and will present Valeant with a response next week.ADNFCR-8000103-ID-800480623-ADNFCR

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