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'Didn't See This One Coming'

Valeant Will Try to Replace Cephalon Board Next Week

By Tom Wall

Thursday, March 31, 2011
Repeating earlier claims that Cephalon Inc.'s board of directors had not engaged in timely discussions about his company's $5.7 billion, $73-a-share bid for Cephalon, Valeant Pharmaceuticals International Inc. Chairman and CEO J. Michael Pearson said that Valeant would appeal directly to Cephalon shareholders by commencing a consent solicitation process next week to replace Cephalon's board with Valeant's nominees.

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