It's a further indictment of the CXS board that they issued an announcement to the effect that they recommended shareholders accept the takeover proposal, without doing due diligence on the Cephalon.
It was clear that Valeant were about to launch a hostile takeover, as they had made two previous offers to Cephalon that were rejected.
What a bunch of clowns! And as Blip Trader points out, we are paying them big money for this?
cephalon takeover, page-39
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