NEW YORK (AP) – Valeant Pharmaceuticals International Inc. is making a hostile bid to acquire ISTA Pharmaceuticals Inc. for $6.50 per share in cash, or $314 million. This is the Canadian company’s latest attempt to buy the eye-disease drug developer.
The offer is a 67% premium over ISTA’s closing stock price of $3.89 on December 15.
Valeant first tried to make a deal with ISTA in October, but said ISTA refused to start the process. Valeant made an official written proposal to ISTA’s management in late November. On Dec. 2, ISTA said it needed more time to review the offer, but eventually rejected it.
Valeant said it is giving ISTA until the end of January to accept the deal. The company said it will consider paying more if ISTA is willing to start discussions.
Date: December 16, 2011
Source: Associated Press