News ) rejection of its takeover offer, but added that it was taking its offer directly to Cephalon’s stockholders by initiating its consent solicitation process.Earlier in the day, Cephalon rejected Valeant’s hostile offer to buy the company for $73 per share in cash, saying it believed the offer was opportunistic, inadequate and not in the best interest of its shareholders.On March 29, Valeant announced its proposal to buy Frazer, Pennsylvania-based Cephalon for $73 per share in cash, or about $5.7 billion.
The hostile offer represented a 24.25 percent premium to Cephalon’s closing stock price on the previous day.
Valeant’s offer had came a day after Cephalon announced an A$225 million or US$231 million bid for Australian biopharmaceutical company ChemGenex.
Also in March, Cephalon agree…