Freedman Quoted in Separate Law360 Articles on Valeant’s Bid for Salix
Olshan Activist & Equity Investment Partner Andrew Freedman was quoted extensively in two separate Law360 news articles on Valeant Pharmaceuticals International Inc.’s recent bid to acquire Salix Pharmaceuticals Ltd. for approximately $15.8 billion, causing Endo Pharmaceuticals Inc. to drop out of the takeover bid. Freedman details how Valeant’s success comes on the heels of the unsuccessful joint activist M&A takeover bid for Allergan Inc. by Valeant and activist investor Bill Ackman of Pershing Square Capital, where Valeant lost out to a cash and stock offer from Actavis plc. "Last year, [Valeant] was on the offensive," Freedman said. "They weren't the attacker this time around." According to Freedman, Valeant took a more cordial approach, which ultimately resulted in an amicable conclusion for the two drugmakers. Valeant's friendly approach gave it the "inside track," Freedman said, because it led to Salix wanting the victory to go to Valeant, as opposed to last year, when Allergan was left hoping for someone to save it from Valeant. "It's easier to dance with a partner by asking nicely, rather than holding a gun to their head," he says "In this space, companies don't respond too well to a gun being held to their head."