Takeover Bids

Valeant Pharmaceuticals complains to SEC over Allergan claims

Michael Pearson, CEO of Valeant Pharmaceuticals.
Adam Jeffery | CNBC

Valeant Pharmaceuticals has complained to securities regulators that claims made by Allergan to counter a hostile takeover bid are misleading and manipulative, sources have told CNBC.

Earlier this year, Canada-based Valeant teamed up with Pershing Square Capital Management to launch a $53 billion unsolicited offer for Allergan, which the company has repeatedly rejected as undervalued. Most recently, Valeant advised investors not to sell their shares, calling the takeover attempt "grossly inadequate."

Sources told CNBC, however, that Valeant is pleading its case to both the Securities and Exchange Commission and Quebec's Autorite des Marches Financiers (AMF).

After Valeant and Pershing announced the bid, Allergan adopted a shareholder rights plan that would dilute the value of the stock in the event that any person or group acquired a stake of 10 percent or more.

--By CNBC.com