TORONTO, April 15 (Reuters) - Taconic Capital Advisors L.P. said on Friday it has accumulated a 7.46 percent stake in U.S. drug maker Cephalon Inc, subject of a $5.7 billion takeover bid from Valeant Pharmaceuticals.
In a filing with U.S. regulators, Taconic said the position was built for investment purposes and not with a view towards changing or influencing control of Cephalon.
Taconic, now Cephalon's fourth biggest institutional shareholder according to Thomson Reuters data, said in a filing with the U.S. Securities and Exchange Commission that it might talk with Cephalon, its shareholders and Valeant regarding Valeant's bid.
Taconic was not immediately available for comment.
Cephalon shares have surged 29 percent since Valeant announced its unsolicited bid on March 29, on hopes that Valeant would raise the bid or a new bidder might emerge who was prepared to pay more than the $73 offer price.
The shares closed at $75.77 Friday on Nasdaq, compared to $58.75 before the bid was announced.
Valeant has said it might raise the bid price modestly if it won access to Cephalon's books.
Few analysts expect a white knight bidder to appear.
Valeant shares, which are up 18 percent since the bid, closed at C$51.03 on the Toronto Stock Exchange on Friday.
Cephalon rejects the bid, and Valeant aims to go directly to Cephalon's shareholders. It has called for Cephalon's board to be replaced with a new slate of directors.
Valeant Chief Executive Michael Pearson has said he could walk away from the bid within 30 to 45 days, if he cannot persuade Cephalon shareholders to back his offer.
(Reporting by S. John Tilak, additional reporting by Pav Jordan; editing by Janet Guttsman) Keywords: CEPHALON VALEANT/ (john.tilak@thomsonreuters.com; +1 416 687 7918) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
In a filing with U.S. regulators, Taconic said the position was built for investment purposes and not with a view towards changing or influencing control of Cephalon.
Taconic, now Cephalon's fourth biggest institutional shareholder according to Thomson Reuters data, said in a filing with the U.S. Securities and Exchange Commission that it might talk with Cephalon, its shareholders and Valeant regarding Valeant's bid.
Taconic was not immediately available for comment.
Cephalon shares have surged 29 percent since Valeant announced its unsolicited bid on March 29, on hopes that Valeant would raise the bid or a new bidder might emerge who was prepared to pay more than the $73 offer price.
The shares closed at $75.77 Friday on Nasdaq, compared to $58.75 before the bid was announced.
Valeant has said it might raise the bid price modestly if it won access to Cephalon's books.
Few analysts expect a white knight bidder to appear.
Valeant shares, which are up 18 percent since the bid, closed at C$51.03 on the Toronto Stock Exchange on Friday.
Cephalon rejects the bid, and Valeant aims to go directly to Cephalon's shareholders. It has called for Cephalon's board to be replaced with a new slate of directors.
Valeant Chief Executive Michael Pearson has said he could walk away from the bid within 30 to 45 days, if he cannot persuade Cephalon shareholders to back his offer.
(Reporting by S. John Tilak, additional reporting by Pav Jordan; editing by Janet Guttsman) Keywords: CEPHALON VALEANT/ (john.tilak@thomsonreuters.com; +1 416 687 7918) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.