Partner John Emanoilidis comments on hostile bid activity to Bloomberg

April 22, 2014

Below is an excerpt of the article.

A recent bid by Valeant Pharmaceuticals International Inc. (VRX)’s to purchase Botox maker Allergan Inc. (AGN:US) for approximately $44.4 billion would mark the biggest takeover in Canadian history.

According to data compiled by Bloomberg the proposed acquisition by Valeant, based in Laval, Quebec-based would exceed Vivendi SA’s $43.9 billion purchase of spirits maker Seagram Co. in 2000, and Rio Tinto Group’s $42.9 billion acquisition of Alcan Inc. in 2007.

Valeant yesterday offered Allergan investors $48.30 in cash and 0.83 of a share for each Allergan share they own. Pershing Square Capital Management LP, the fund run by Bill Ackman and Allergan’s largest shareholder with a 9.7 percent stake, supports the offer, Valeant said.

“It’s certainly a bold move, which in my mind is attributable to increased confidence by management to do a transaction like this,” said John Emanoilidis, co-head of the mergers practice at Torys LLP law firm in Toronto. “It demonstrates that there’s a real appetite for companies to do transformational transactions and I’m hopeful that this will be the beginning of a resurgence in M&A.”

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