Valeant rejected joint takeover bid from Takeda, TPG in spring-WSJ

Thu May 26, 2016 7:59pm EDT
 
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May 26 (Reuters) - Valeant Pharmaceuticals International Inc received a joint takeover offer from Japan's Takeda Pharmaceutical Co Ltd and TPG Capital Management LP this spring that the Canadian drugmaker rejected, the Wall Street Journal reported, citing people familiar with the matter.

Valeant rejected the offer, which came a month or two ago, before the company hired its new chief executive, Joseph Papa, in April, and did not include a firm price, the newspaper reported. (on.wsj.com/1TZplmC)

The newspaper also said there are currently no talks between the three companies following the bid's rejection, and that Valeant's board was seeking to give Papa time to chart a course for the company.

Valeant's shares were up 5 percent at $28.45 on the New York Stock Exchange in extended trading on Thursday.

TPG declined to comment. Takeda and Valeant did not immediately respond to a request for comment. (Reporting by Ramkumar Iyer in Bengaluru; Editing by Cynthia Osterman)