NEW YORK (TheStreet) -- Shares of Valeant Pharmaceuticals International (VRX) are down -1.72% to $124.459 after Allergan (AGN) turned down a new bid, this one for $53 billion, as their takeover battle rages on.
Allergan said the bid undervalues the company and is too risky for shareholders.
Allergan CEO David Pyott said today that he is an "endurance player" who is prepared for a long, drawn-out effort to fend off a hostile takeover attempt by Valeant and its ally, hedge fund billionaire William Ackman, Reuters reports.
TheStreet Ratings team rates VALEANT PHARMACEUTICALS INTL as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate VALEANT PHARMACEUTICALS INTL (VRX) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and disappointing return on equity."
Highlights from the analysis by TheStreet Ratings Team goes as follows: