New York • Allergan, maker of Botox, said Monday that Valeant Pharmaceuticals' hostile takeover bid for the company is "grossly inadequate" and urged shareholders to reject it.
Allergan said the $53 billion bid from Valeant undervalues the company and is not in the best interest of Allergan's shareholders.
Valeant, a Canadian drugmaker, first offered to buy Irvine, Calif.-based Allergan Inc. in April. It has increased its original bid of about $45.6 billion several times, only to be rejected. Valeant teamed up with activist investor Bill Ackman's Pershing Square Capital Management for the bid.