Any significant rises will be met with short selling. I agree the stock is dead because there is ZERO news going forward to elevate it. In fact...there could be more bad news. If you can trade short term and scalp some bounces...have at it.
I would not go LONG here.
No you won't because you will see that there was NO FORMAL BID at all.
In all probability they had informal talks.
The Wall Street Journal reports that Valeant rejected the offer from Takeda and TPG in the spring before it named Joseph Papa as the next CEO. The newspaper cites unnamed sources who said that the offer didn’t come with a firm price tag. The sources also reportedly said that talks between the three parties aren’t currently underway. They added that Valeant’s board wanted to give Papa a chance to chart a course for the company after taking the helm. He was brought on board in late April.
When Takeda and TPG made their approach, Valeant was undergoing a scandal related to its accounting practices and questions about its debt load. The drug maker was also looking for its next CEO to replace Michael Pearson. Its shares had tumbled by more than 90%, bringing its market capitalization down to about $10 billion. Valeant’s market cap remains around the same level despite today’s more than 8% increase in its share price, which brought its stock as high as $29.41 per share.
All the problems caused analysts and investors to pressure the company to sell off some of its non-core assets.
Rejection a positive sign?
Susquehanna Financial analyst Andrew Finkelstein said in a report dated May 27 that he sees Valeant’s rebuff of Takeda and TPG as a positive, although he notes that the crucial piece of information missing from The Wall Street Journal’s report is how much the two companies might have been willing to pay or whether there would have been a premium.
The proposal came at a time when Valeant was facing a risk of default because it had delayed filing its 10-K. As a result, he suspects that the proposal might have been “highly conditional” or that the bid might have been so low that shareholders would only have taken it if it were the only alternative to losing control of the company to debt holders."
All Rumors .....this will soon be digested and once traders are none with this (if not already), it will mean NOTHING and stock will sink back. 10Q will be the *real deal* as to where VRX will go near term.
Never gonna happen. AGN divested it's generics to TEVA. B&L is another story, since AGN has eyecare business big time...but I don't think it will happen.