By Greg Hazley
Brunswick and Sard Verbinnen & Company are squared off in the PR battle over Valeant Pharmaceuticals' $5.7 billion hostile bid for Cephalon.
Frazer, Pa.-based Cephalon, which is working with Brunswick, said April 21 that it is urging shareholders to reject Valeant's effort to replace its board and noted the company's current board is reviewing the takeover proposal, as well as "alternatives and options."
"Valeant has no duty to act in the best interests of Cephalon's shareholders, but rather for Valeant shareholders and their interests – such as buying Cephalon at the lowest possible price," read the terse statement from Cephalon, which had $2.8B in 2010 revenue.
Brunswick senior partner Steve Lipin and partner Jennifer Lowney in New York are working that account. Cephalon has also hired the proxy firm Innisfree M&A.
Valeant, based in Mississauga, Ontario, with 2010 sales of $1.8B, shot back later that same day saying that Cephalon has not engaged the company or permitted it to perform due diligence related to the $73-per-share offer, which it said could increase if Cephalon reaches out.
Sard Verbinnen managing director Renee Soto and principal Cassandra Bujarski are handling media for Cephalon.
The New York Times reported in late March that Valeant's hostile bid followed "friendlier overtures" rejected by Cephalon's board.
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