Federal authorities are taking a closer look at Allergan’s (NYSE:AGN) ongoing battle to keep unrequited acquirer Valeant Pharmaceuticals at bay.
Allergan announced this week that the Federal Trade Commission issued a "Second Request" for additional information about Valeant’s offer, which Allergan has been batting back for months.
"Allergan intends to respond fully in connection with the ongoing investigation," according to an Allergan statement. "The company noted that Second Request investigations typically take some time to conclude, and Allergan cannot predict how long this investigation will take or how it might otherwise develop."
Allergan further noted that it continues to take offense at Valeant’s unsolicited acquisition proposal, which Allergan said is "grossly inadequate, substantially undervalues the company, creates significant risks and uncertainties for Allergan stockholders, and is not in the best interests of the company and its stockholders."
Read more of MassDevice.com’s coverage of the Allergan hostile takeover saga
Valeant has been hoping for weeks to get Allergan’s shareholders on its side in supporting an unrequited acquisition attempt valued at more than $53 billion. Allergan has been systematically rejecting the offer, saying that it believes it can do better on its own and casting occasional aspersions on Valeant’s corporate history.
Valeant, in cooperation with activist investor William Ackman and the Pershing Square hedge fund, aims to offer Allergan stockholders a significant premium to turn over their shares. The fervent buyers have made several attempts to hold negotiate directly with Allergan, but to no avail.
