Allergan Fined for Failure to Disclose Merger Negotiations with Third Parties During Hostile Bid
Cooley M&A
JANUARY 24, 2017
At what point do “discussions” with a friendly merger party become “negotiations” that are required to be publicly disclosed under the tender offer rules in response to a hostile bid? In a recent settlement of cease and desist proceedings against Allergan in connection with Valeant and Pershing Square’s well-publicized hostile bid for the company in 2014, the SEC found that Allergan violated the disclosure requirements in Section 14(d) and Rule 14d-9 of the Exchange Act when it failed to disclos
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