Pershing Square Activist Presentation Deck
History of the Transaction
On April 22nd, Valeant announces initial offer to acquire Allergan for 0.83
Valeant shares and $48.30 per share in cash
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On May 12th, Allergan rejects initial Valeant offer
▸ On May 27th, Allergan publishes presentation attacking Valeant's business
model and management team
■ Allergan publishes subsequent presentations on June 10th and July 14th
On May 28th, Valeant raises cash component of offer to $58.30 per share
plus a contingent value right for DARPin
On May 30th, in response to investor feedback, Valeant raises cash
component of the offer to $72.00 per share and commits to not raise offer
again without substantial engagement from Allergan
■ Valued at Valeant's current share price, the current offer implies a ~50%+
premium to Allergan's unaffected trading price and 23x+ EBITDA multiple
On June 23rd, Allergan's unanimously rejects Valeant's revised bid and
describes the bid as "grossly inadequate"
Pershing Square is Allergan's largest investor with 9.7% ownership
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