ISTA Pharmaceuticals Inc. (ISTA)

[mlkrborn]

Offer rejected; PPS up!
ISTA Pharm Board of Directors confirms rejection of unsolicited, non-binding proposal from Valeant (VRX) (ISTA) 6.83 +2.86 : Co confirmed today that it had received a letter on November 23, 2011 from Valeant Pharmaceuticals International (VRX) outlining an unsolicited, non-binding proposal to acquire all of the outstanding shares of ISTA for $6.50 per share in cash, subject to due diligence. ISTA also confirmed receipt of a letter from Valeant dated December 16, 2011 reaffirming its non-binding proposal. After careful deliberation, with the assistance of its financial and legal advisors, ISTA's Board of Directors had previously determined on December 13, 2011 that the non-binding proposal was grossly inadequate and not in the best interests of ISTA shareholders.