Valeant officially goes hostile in its bid to get Allergan

Jb Reed | Bloomberg | Getty Images Botox by Allergan

Jb Reed | Bloomberg | Getty Images
Botox by Allergan

Valeant Pharmaceuticals International on Tuesday said it plans to launch an exchange offer to Allergan shareholders this week, soliciting proxies to call for a special meeting to discuss its offer for the company.

In trading prior to the opening bell, shares of Allergan were higher. (Click here for the latest quote.)

Read More Ackman and Valeant plot ‘not fair’: Gabelli

“It is clear Allergan and their board will never sit down in the interest of their shareholders,” Valeant Chairman and CEO J. Michael Pearson said on a conference call Tuesday. “If Allergan were as confident as they claim to be they should be happy to have a shareholder vote right away.”

He added that “hostile is not our preferred approach,” but said the acquisition is compelling for both sets of shareholders.

Last week, Botox maker Allergan rejected a sweetened $53 billion takeover offer from Valeant and activist investor William Ackman, reiterating that it undervalues the company and is too risky for shareholders.

Read More Allergan board says Valeant bid undervalues company

Valeant and Pershing Square Capital Management made a joint bid for the company on April 22 that Allergan also had declined, saying that its plans to slash spending would cost the company growth. It has so far refused to enter deal discussions.

Valeant shares were lower in premarket trading. (Click here for the latest quote.)

By CNBC. Reuters contributed to this report.

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