Cephalon has discarded a $5.7 billion takeover bid from Canadian drug maker, Valeant Pharmaceuticals International, The Wall Street Journal reports. Cephalon has rejected the offer on the grounds that the $73 a share all-cash bid undervalues the company.
Goldman Sachs Group acted as the adviser for Valeant. The company had planned to pay for the deal entirely with debt from Goldman Sachs. Cephalon’s biggest shareholders, including T Rowe Price and Fidelity, are entitled to make a decision on whether or not the company should be sold, adds Reuters.
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