You must be new to CafePharma. This post is really tame.
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Let's hope this god damn Allergan Merger doesn't go through & politicos stop it
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Thanks for this....I needed a laugh.
Re: merger...
Anyone who's examined Pfizer's ($PFE) job-chopping track record knows the company has a tendency to wield the ax in the wake of a megamerger. Just look at its 2009 Wyeth buy, which spurred an initial announcement of 20,000 job cuts--and many thousands more since.
But this time? ->->Things will be different, CEO Ian Read said of Pfizer's Allergan ($AGN) tie-up on Tuesday at the J.P. Morgan Healthcare Conference.
Re: merger...
Anyone who's examined Pfizer's ($PFE) job-chopping track record knows the company has a tendency to wield the ax in the wake of a megamerger. Just look at its 2009 Wyeth buy, which spurred an initial announcement of 20,000 job cuts--and many thousands more since.
But this time? ->->Things will be different, CEO Ian Read said of Pfizer's Allergan ($AGN) tie-up on Tuesday at the J.P. Morgan Healthcare Conference.
She died either while in jail for tax evasion or soon after her release. I guess she forgot everyone has their due!
Clearly she didn't have good lawyers. That's all it takes for the rich to beat the rap. Just take those high-priced lawyers who came up with the affluenza defense. Worked like a charm. We all understand the rich can't be held responsible for their actions like the rest of us are.......
Did the profanity make you uncomfortable? Did it upset your sensibilities? Do you need a safe place to hide?
Grow up, skippy, you sniveling little pipsqueak
Instead of raising taxes, why not just lower everyone's taxes?
Companies are inverting to get the lower rate which is their legal or fiduciary obligation or they can be sued. Why not match the lowest rates in the world and stop letting those European socialist turds outdo us on capitalism with their lower rates?
Then lower everyone else's tax rates and society can stop borrowing from the Chinese to pay for crap like wealth transfer payments and unnecessary wars.
Companies are inverting to get the lower rate which is their legal or fiduciary obligation or they can be sued. Why not match the lowest rates in the world and stop letting those European socialist turds outdo us on capitalism with their lower rates?
Then lower everyone else's tax rates and society can stop borrowing from the Chinese to pay for crap like wealth transfer payments and unnecessary wars.
She had the best NY lawyers you could buy! Didn't save her ass at all. Courts are not too warm for tax evaders.
Whooo hoooo......merger with Allergan is in jeopardy! Stay tuned & lets all pray it's called off so we can be all-American Pfizer again!
http://www.cnbc.com/2016/04/05/allergan-continues-to-slide-on-new-tax-inversion-rules.html
Pfizer leans toward abandoning, not altering, deal with Allergan: Reuters, citing source
Pfizer is leaning towards abandoning its $160 billion agreement to buy Allergan in light of the U.S. Treasury's new measures to curb such tax evading deals, a source familiar with the situation said on Tuesday.
http://www.cnbc.com/2016/04/05/allergan-continues-to-slide-on-new-tax-inversion-rules.html
Pfizer leans toward abandoning, not altering, deal with Allergan: Reuters, citing source
Pfizer is leaning towards abandoning its $160 billion agreement to buy Allergan in light of the U.S. Treasury's new measures to curb such tax evading deals, a source familiar with the situation said on Tuesday.
- The discussions between the two companies and their lawyers are set to continue for the remainder of Tuesday and no final decision has been made, the source said, speaking on condition of anonymity.
However, Pfizer is not willing to change the terms of its deal with Allergan which, under the new tax rules, would no longer benefit from the move to Ireland, the source said.
Pfizer and Allergan declined to comment.
Your first trade for Tuesday
The U.S. Treasury Department took new steps on Monday to curb tax-driven corporate inversions whereby companies seek to slash their tax bills by redomiciling overseas, though their core operations and management usually remain in the United States even as they claim a new tax home.
Pfizer is concerned U.S. President Barack Obama's administration could change the rules again to thwart a deal.
Steve Odland, CEO of the Committee of Economic Development told CNBC on Tuesday that this is the third attempt by the administration to regulate tax inversions, and he considers that the new regulation seems to be targeting the Allergan-Pfizer deal specifically.
Still, Odland said during an interview with CNBC's "Power Lunch" that companies are not violating laws.
Star biotech hedgie gives picks, knocks Clinton
"Most Americans and certainly businesses are very frustrated with the politicians here in Washington, targeting business leaders and calling them unpatriotic or un-American when they're simply following the rules and the laws placed," he said as he called for changes in tax laws.
"The issue here is that we have the highest statutory tax rates in the world," he said, adding that it's cheaper for businesses to operate elsewhere.
The source told Reuters the company's lawyers have presented alternative ways for the two companies to salvage the inversion but there was little appetite for it.
"Pfizer is aware that the Treasury will keep ruling against any solution it can come up with," the source said.
One of the main hurdles to the deal was Treasury's decision impose a three-year limit on foreign companies bulking up on U.S. assets to avoid ownership limits for a later inversion deal.
This means Allergan's latest deals — which include the $66 billion merger of Allergan and Actavis, the $25 billion purchase of Forest Laboratories and the $5 billion takeover of Warner Chilcott — will not be counted and the business will fail to meet the ownership math for the deal.
The source told Reuters the new rules came as a surprise as Pfizer was confident of delivering on its $160 billion proposed merger with Allergan. He said the management was rather expecting the Treasury to rule against inversions towards the end of last year when the two companies were looking at ways to bypass the existing law.
Pfizer and Allergan have always had an exit strategy in place, the source said. The two drugmakers agreed that either party may terminate the deal if an adverse change in U.S. law would cause the combined company to be treated as a U.S. domestic corporation for federal income tax purposes
The terminating party would have to pay the other company up to $400 million for its expenses, according to the merger agreement.
"By how the stocks are trading, the market thinks the deal is almost dead," said Les Funtleyder, healthcare portfolio manager at E Squared Asset Management in New York, whose firm holds Pfizer shares.
Pfizer's Chief Executive Ian Read has tirelessly worked to find a merger partner and redomicile the business in Europe since dropping a takeover bid for British drugmaker AstraZeneca in 2014.
The source said Read firmly believes in the industrial logic of a deal with Allergan and the tax savings that the combined entity would achieve, but he has been put off by the Treasury's latest measures and is unwilling to fight a legal battle with the U.S. authorities.
Wells Fargo analyst David Maris lowered his valuation range for the stock to a range of $265 to $270 from a range of $345 to $350.
"To us, whether Pfizer and Allergan stay committed will be known shortly—more important for many is if the deal breaks, where should Allergan trade?" Maris wrote in a research note on Tuesday morning.
--CNBC.com's Lenore Fedow and Denise Garcia contributed to this report.
- The discussions between the two companies and their lawyers are set to continue for the remainder of Tuesday and no final decision has been made, the source said, speaking on condition of anonymity.
Cramer on CNBC right now is saying this new inversion rule was written specifically to apply to Allergan.
Allergan tanked 15% today!!!
Bye bye Allergan
We are Pfizer again!
Cramer on CNBC right now is saying this new inversion rule was written specifically to apply to Allergan.
Allergan tanked 15% today!!!
Bye bye Allergan
We are Pfizer again!
Remember Pfizer.......you needed Allergan, we didn't need you.......our stock was much higher before the word Pfizer ever came into the picture.....
This is terrible news. The merger isn't going through so now the value of my stocks are going to tumble. What kind of idiots mess up a deal that would benefit us shareholders? Who are they trying to please? We are entitled to the maximum value for our investment. I am selling everything today. Screw you guys!
Allergan is an expensive stock and it does not pay a dividend.