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Valeant issues letter to Cephalon stockholders
MISSISSAUGA, Ontario — Valeant Pharmaceuticals International is taking its case directly to Cephalon’s shareholders in its effort to acquire the Frazer, Pa.-based drug maker.
In a letter to the shareholders Thursday, Valeant said its $73-per-share offer, totaling $5.7 billion, was a 29% premium over the 30-day stock price of Cephalon, noting that the price had declined over the last five years and that the average stock price in the month before the offer was $57, which Wall Street analysts didn’t expect to rise above $60.