Valeant Boosts Bid for ISTA Pharmaceuticals to US$7.50 Per Share From $6.50
From Canadian Press DataFile (January 17, 2012)
MISSISSAUGA, Ont. _ Valeant Pharmaceuticals International Inc. (TSX:VRX) is sweetening its hostile bid for Irvine, Calif.,-based ISTA Pharmaceuticals Inc.
Valeant's new offer raises its earlier bid by a dollar to US$7.50 per share.
And the Mississauga, Ont.,-based pharmaceutical company says it might pay even more, up to US$8.50 a share, if ISTA agrees to a week-long period of due diligence.
Valeant has been pursuing ISTA for months, but the target company says it is in talks with a number of parties that have expressed interest in pursuing a transaction.
Valeant is focused on neurology and dermatology with operations primarily in Canada, the United States, Mexico, Brazil, central and eastern Europe and Australia.
ISTA operates the third-largest branded prescription eye care
business in the United States.
Posted: January 2012