Replies to post #177247 on Biotech Values

[DewDiligence]

VRX/AGN—Do you think Ackman sailed too close to the insider trading wind, given his knowledge of Valeant's intentions? Probably not in my view, but it's a close one.

Ackman apparently threaded his way through some tight legal loopholes, incurring substantial legal expenses. For this reason, I don’t think the VRX/Pershing offer for AGN is likely to be the new template for hostile takeovers, as some writers in the business press have proclaimed.

p.s. I’ll be very surprised if AGN accepts terms anywhere near the ones offered ($48.30 in cash + 0.83 shares of VRX). I’ve been following AGN for 16 years and have made good money from the stock; I don’t currently own it myself, but I manage an account with a large holding.

[DewDiligence]

The replay of the (4-hour) VRX/Pershing webcast on the rationale for acquiring AGN is now available at: http://www.vpsevent.com/webcast .

The separate slide decks from VRX and Pershing can be accessed from the same link.

[DewDiligence]

Factoid: Activist shareholders won 68% of proxy fights during 2013 (up from 43% in 2012).

Source: WSJ (http://online.wsj.com/news/articles/SB10001424052702304049904579517743601484598 )