Sterne Agee’s Shibani Malhotra believes a merger between Valeant and Allergan is
“more likely than not:”
Bloomberg News The extended back-and-forth between Allergan and Valeant has done little to change our view on the likelihood of a merger between the two companies. We continue to believe that a merger is more likely than not, however, we recognize that Allergen management has options that may change the balance in favor of the company remaining independent. We remain buyers of Allergan and reiterate our confidence that its management team will do everything it can to optimize shareholder value.
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When it comes to the pursuit of Allergan, time isn’t on Valeant’s side, notes Citigroup’s Liav Abraham and team:
Based on Mr. Pearson's commentary on today's conference call, Valeant seems committed to consummation of an Allergan acquisition despite the lengthy and hostile process involved, however continued pressure on the Valeant share price places incremental pressure on Valeant to complete the transaction sooner rather than later, in our view.
Shares of Valeant have gained 2.3% to $120.50 at 1:44 p.m., while Allergan has risen 1.7% to $162.
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