Cephalon urges investors to support current board

LOS ANGELES (Reuters) – Drugmaker Cephalon Inc (CEPH.O: Quote, Profile, Research) has urged its shareholders not to support a slate of board nominees put forward by would-be acquirer Valeant Pharmaceuticals International Inc (VRX.TO: Quote, Profile, Research).

Cephalon, which rejected Valeant’s $5.7 billion takeover offer, said in a filing with the U.S. Securities and Exchange Commission on Thursday that it believes the company’s current board will best serve shareholder interests.

Cephalon urged shareholders not to sign any consent card sent by Valeant, but instead to sign its own consent revocation card.

“There is no guarantee that the Valeant nominees will vigorously negotiate with Valeant on behalf of the company’s stockholders,” Cephalon said in the filing.

(Reporting by Deena Beasley)

Cephalon urges investors to support current board