That’s not rain you see outside of your windows today, but the tears of Bill Ackman — after talks broke down between Valeant and Takeda to sell Salix — a transaction that would’ve permitted them to retire more than $10b of the $30b in debt they’re currently bedraggled by.
Most people wanted VRX to keep Salix because of its growth prospects. However, with the share price in the dumps and debt/eq ratios blowing out to dangerous levels, the VRX board decided to sell core assets to wind down the clown show before it’s too late.
Takeda is likely applying pressure to VRX, squeezing them in the hopes of picking up the unit at a cheaper price. Either way, Bill Ackman loses.
God save Bill.
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Sarah Palin rumors flying. Babes only in the White House.
Poor bill…. Wonder if this puts a damper on his remodel plans.
He can ride around his ridiculous new penthouse home on a golden Segway commanding the voice-activated air conditoner to go “higher,” “higher” until his gut settles. He’s too self-obsessed to throw himself out of the window in a “ruined Commodore” style, as a true gentleman would certainly consider in his situation.