Valeant Determined to Conclude Deal After Allergan Rejects Merger Proposal

The Canadian Valeant Pharmaceuticals International corporation is trying more than over to buy Botox-maker Allergan Valeant Pharmaceuticals International responded on May 13 to Allergan's rejection of Valeant's proposal to combine with Allergan for about $47 billion through a letter addressed to Allergan's shareholders by Valeant Chairman and CEO J. Michael Pearson.   "We note that our offer was rejected without Allergan having had any discussions with Valeant," states the letter. "Subsequent to our Annual Shareholders Meeting and our Board meeting next week, we plan to hold a webcast on May 28 to discuss why we believe our offer is substantially superior to an Allergan's "go it alone" strategy. On the call, we will discuss why our proposal offers greater short, intermediate, and long-term shareholder value by managing Allergan's assets under Valeant's operating model... Based on your feedback, at our May 28 webcast, we plan to improve our offer for the company – to demonstrate our commitment to getting this deal done. We are prepared to pay a full and fair price, but, consistent with our track record, we will remain financially disciplined."