Tender offer got extended to Dec.31--why would they extend it if they already have 30%?
Two different things, but a good question. The special meeting would be for the shareholders to vote on replacing the Allergan board of directors. The new board would be expected to negotiate with Valeant for a better deal than the tender offer. The shareholders would again need to approve the deal.
Voting for the special meeting gives the shareholders the most options.
So the fact that there was an underwhelming response to the tender offer thus far doesn't really tell us much about the shareholder outlook on this merger?
Obviously the poor tender offer response says Valeant's current offer is inadequate. I would guess many shareholders are skeptical as to whether Valeant is able to make an acceptable offer. But I also think the shareholders are open to letting Valeant make their best offer.
