Two weeks ago Valeant Pharmaceuticals International, Inc. (NYSE: VRX) made an unsolicited all-cash offer of $6.50/share for ISTA Pharmaceuticals, Inc. (NASDAQ: ISTA), a maker of eye-care drugs. The offer valued ISTA at around $327 million, including ISTA’s debt, a premium of 68% over ISTA’s most recent closing price.
ISTA has refused Valeant’s offer, calling it “grossly inadequate” but the two companies have been meeting to discuss a deal. Valeant’s original deadline to shareholders has been extended from January 12th to January 31st.
With ISTA shares trading above $7, Valeant is going to have to sweeten the deal if it expects to have a chance of acquiring ISTA.
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