Valeant CEO 'disappointed' in Allergan poison pill: CNBC

Wed Apr 23, 2014 2:36pm EDT

A sample of Botox is seen at the Long Island Plastic Surgical Group at the Americana Manhasset luxury shopping destination in Manhasset, New York September 30, 2010. REUTERS/Shannon Stapleton

A sample of Botox is seen at the Long Island Plastic Surgical Group at the Americana Manhasset luxury shopping destination in Manhasset, New York September 30, 2010.

Credit: Reuters/Shannon Stapleton

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(Reuters) - The chief executive officer of Valeant Pharmaceuticals, which made a $47 billion unsolicited offer for competitor Allergan Inc on Tuesday, said during an interview on CNBC that he was "disappointed" with Allergan's so-called poison pill.

Allergan on Tuesday night said its board of directors had adopted a one-year stockholder rights plan to give it more time to consider takeover proposals. The Valeant offer was made with Pershing Square Capital Management hedge fund, which built up a stake in the company.

"We are disappointed but on the other hand, I think this deal will get done," Valeant CEO Michael Pearson said on Wednesday.

(Reporting by Caroline Humer; Editing by Chizu Nomiyama)

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