i'll get to why valeant's up in a moment.usch & lomb, organic growth grew. u.s. business up 17%. here rebutting one of the criticisms receiving from allergan, it said, 70% of this was volume growth, we're not just getting it from price and losing market share. a lot of it was through volume growth. valeant says stop all of the nonsense, allergan, goes to the s.e.c. and regulators in canada and says stop making false and misleading statements about our company. for its part allergan responds by saying, we'll stand by our comments we call on valeant to report transparent details on its business on an ongoing basis. investors will make their own decisions. they will. the most important data point, one investor, one of the largest in allergan, making a decision to sell the stock. it's largely out of the stock. that's something i can confirm, reported by "the journal" after what i'm told also conversations between the key portfolio manager there and mr. gallagher, the company's chairman. they're gone. where does that stock end up?

valeant stock up 2.6%. you know, why is valeant stock up? two reasons.obability of the deal going up has increased. that's why the stock is up. and second thing is valeant's put up with a lot of mudslinging -- i wrote a letter to the board of directors of this company by making very clear to them that making false and immaterially false statements about valeant's business is illegal. they did it again on friday. one last little point here -- >> yeah, i've got to move on. >> pyott showed extreme ignorance. we challenged the bausch & loem number. they've launched two new products in the last 12 months. one in the last quarter and obviously growing off a small base. they're growing very rapidly. let's go to herbalife. >> you have another presentation tomorrow right here in new york city. what are we going to learn? >> you're going to learn why herbalife is going to collapse. and that's a pretty strong statement. but this is the largest fraud -- public fraud in terms of scale, of countries involved, harm to people. but we're going to show you with particular

the move comes three months into valeant's hostile bid for allergan. worth more than $50 billion. allergan says its restructuring will save $475 million a year. valeant is porking with personing square's bill ackman, currently the largest holder of allergan stocks. he says today that allergan's thinning down was long overdue. >> allergan has 1200 basis points higher to spend 1200 basis points more on overhead than the competitive set. i mean, that's an incredible gap. and now they're going to start to close that gap which, of course, it generates an increase in earnings. but really what you're doing over the next several years is cutting out fat you should have cut out a long time ago. >> valeant today said it contacted regulators in canada and the u.s. over what it called false and misleading statements. allergan's been making about its business model. it also urged allergan shareholders to vote for a special meeting called by ackman, who is aiming to replace the majority of allergan's board. >> why are we calling a special meeting? we are calling a special meeting so the shareho

valeant made an offer to acquire the company. they said, look, with rewilling to 5i a little more, to negotiate a deal if the board comes to the table now. it's a deal that 44% of the combined company can be owned by allergan, they don't analyze valeant. instead, what they've done is attack the companies. the good fuse is shareholders are supportive. 90% of the stock exchanged hands. many of the investors don't think the stock is worth what they're trading today unless the deal hams. ultimately, i think the transaction happens t. right thing for the board to do, sit down with valeant. ask if they have questions about accounting. meet with valeant's auditors. ask the cfo questions. ask for support for the organic growth numbers. if they have any doubt about that business, that i should do due diligence. >> we will make that the last story. except one thing, this herbal life story who is going to win? >> it's not about winning. it's a good place to ends. ist not about winning. i would like to find a way to get carl out of this stoc

i think valeant would admit that.itriolic given the fact that pyatt is saying what most journalists would say about valeant. to me that's cricket. >> jim, do you see -- mohammed thinks we may be understatementing these geopolitic geopolitical situations. i have trouble connecting dots to which market might be affected. i almost think earnings are more important. >> i think he's right. 20% of earnings from international companies are from europe. if we take to some extreme, you'll seal companies like a mastercard or visa, which instantly came out after the crash and said, our businesses are unaffected the point what mohammed's saying, don't want to put words ins his mouth, look, if europe is going to have a slowdown, go back into a slowdown, it's going to hurt the united states. we saw it once before. i don't think it's in the stocks. i'm saying, let's be patient here. >> i guess it has to get worse, probably. >> yes, it does. definitely has to get worse. >> not the ukraine situation but -- i don't know. we'll see you

of the valeant business model. we've heard what happened at the end of 2012. we're beginning to see the same patterns of declining revenue growth for bausch & lomb. and the costs to allergan would be even higher. allergan has been linked to a number of possible takeover targets, most recently being shire which itself is being pursued by a u.s. rival for $51 billion. paet won't comment on whether allergan is working on a bid for shire. allergan has turned down three separate offers from valeant. paent will attempt to convince shareholders that the stock would hold up even if valeant walks away. the feedback from our shareholder base is you've raised your numbers, that's great. if i look at shareholder sentiment and especially analysis prior to this bid, they had a target price of $131 in our stock. today it's $179. important on a stand alone basis before a control premium. so the current offer doesn't value that, still grossly undervalued. >>> checking shares of agricultural began and valeant at this hour, they are

valeant, embroiled in a bitter battle taking over botox maker allergan.ut forecasts to reflect rights to several skin care products. the stock is currently trading lower there by more than 7%. on the conference call the company says it's focus and striking a deal with allergan which could bring they say $2.7 in synergy. allergan lower, valeant saying if they combined it would bring a lot more cash to allergan shareholders. >> bertha, thanks. >>> valeant ceo saying if the deal doesn't happen, something else will. also let me say, i spoke with bill ackman a short time ago. he calmed the move invaleant stock today a buying opportunity. 's in his words, "a gift. at this price it's a gift for investors." he's still confident that that deal's going to happen. trying to get that special meeting called, which he is confident will happen, too. >> wouldn't you expect a company announcing sale of an asset, used to saying, here are the dilution or here's what we're losing from earnings because we don't have the costs, that's troubling to me. >> well, a name that's ce

of the valeant business model in entirety.observed what happened to medicine when acquired atted end of 2012 and beginning to see same patterns of declining growth, and the cuts to allergan would be higher. >> meaning the cuts in terms of what they would do for research and development and that nature and the inability, at least in mr. pyott's view to continue to do the rd needed to extend and advance products they already have such as botox for other therapies. of course, there was a significant sale by valeant, nestle of a number of drugs, the rights to restalin for 1.4 billion in cash. that deal has got approval by the ftc, but have not seen the deal itself closed or even announced yet at this point. when it is, you can expect that allergan attacks, and, in fact, they choose to do so saying, yes, we granted approval to the potential transaction. this is what they have to say about the nestle deal, again, to the very point again. the disposition, the desperate attempt to disassociate itself from the rapid decline of the prod

allergan, questioning valeant again, another day, another question for allergan, valeant's model on mtobac tobacco, most likely tomorrow, not today. >> you know, russell stover. >> forgot about that. >> private deal. >> third biggest candy maker behind hershey and mars. >> i was shocked, i thought russell stover an old brand, make it more exciting. david pyatt, ceo of allergan, thinking that allergan could come down a lot if valeant were to walk away. i no longer feel that way. there's a lot of things that allergan can do. i also think, though, acquisition is one you don't want to rule out. >> you can't. he made it -- he wanted to put it front and center in investors minds that we could do this. >> yeah. >> vie no idea what it is, i haven't heard talks of anybody, but something to keep in mind. >> something he brought up, he said, yes, we want to do a major acquisition, shareholders want us to do it. as long as it's a foreign company, right? >> wouldn't be bad if they could figure out a way to invert allergan. >> they're not buying kodiak. >> no, shire's out. >> no talks. when we come

activist investor bill ackman and valeant pharmaceuticals. more on what he said to jim on mad money as a resisting and -- >> oh, yeah. >> he says a lot of the things that you read about in the press say we like to do a lot of research. we're not going to be part of a roll up where we generate more cash flow. we want to stay where we are. you said more of that last night? >> absolutely. it was his first tv interview since this whole thing started. this is about a $50 billion deal, just to review a few facts about it. valeant has taken it directly to allergan shareholders now. they're partnered with bill ackman which opens about 10% of stock. they've suggested a slate of about six board members they would like to nominate to allergan's board. they're seeking enough votes to call a special meeting to allergan. last night, david payette on mad money saying he's out there talking to shareholders and we should expect big restructuring to be announced. >> we heard from our investors, we need to do some more .now we're going to take a dooeep lo and s

you wonder why valeant wants allergan so much. botox really put them on the map, didn't it?y thousands percent growth over the last several years and it does not look like it's going to go away. because there's going to be miles and miles of wrinkles coming and people are going to try to figure out how to take them down -- >> my over-the-counter skin cream i found was valeant. it was a valeant product. >> i mean it used to be skin creams were about pimples and acne and boomers came along, clearasil did quite well. what's going to happen when all of us have thousands of different kinds of physical issues that we wish we could get rid of. the second big zone is going to be leisure time. that's because due to the dual liberations of empty nesting, and then either partial or full retirement, you're going to see the greatest amount of free time in the history of the world with people who are looking for an adventure or a good time or a chance to learn something. so that's going to benefit the travel industry, leisure, hobbies, volunteerism, adult education, pornographic websites,

which it continues to rebuff buyout over valeant's pharmaceutical. and that its own businesses would be at risk under valeant ownership. we saw the ceo of that company on with jim cramer on mad money just last week defending its decision to try to block that takeover. and then we got sotheby's. >> lock your back teeth. lock your back jaw. >> sotheby's. >> and ebay. >> yeah. >> you want me to read that? >> it says your name next to it. >> i was trying to figure out what exactly that chart was weird and we didn't explain it. sotheby's and ebay reportedly plan to announce a partnership today. "the new york times" says under the deal sotheby's new york auctions will be broadcast live on a new section of ebay's website. it's kind of interesting. they are auctions, right, and ebay you figure online. you'd farm that out to them instead of trying to do it yourself. partnership expected to expand to eventually include things like online only sales and streamed auctions from other sotheby's houses. i wouldn't just try to sell the $40 million stuff. i'd want to

if your offer is taken off the table -- for that offer to succeed, valeant has to be a part of it.any you believe is a substantially greater value, that if they walk away, the offer disappears, what happens? remains a nine .7% shareholder and would argue a very unhappy shareholder. happy shareholder, why? >> i said unhappy. we have heardy -- they are mowing over possible acquisitions. is there an acquisition that would make you say this is no longer of value to me? >> absolutely. at minimum way would modify the offer. it might force us to walk. >> like what? . >> they spend a lot of money on a company with very little revenue. and made of that 10 years from now. that is not the type of company we are interested in. >> can i go back to the comments about bill being very unhappy in that chain of events. i would imagine he would be very unhappy if they were to decide it would no longer be worth pursuing. has he tried to build in any kind of protection on the downside? if the premium goes away, and it would go away if the offer were taken off the table, bill would stand to lose a lot o

. >> carl complimented among the valeant structure -- >> that's really what started it all.view with david faber, at a conference i think, and carl was complimentary of bill in the valeant/allergan thing. at a time when everybody else was seemingly really critical of how that whole thing came together. bill saw that. and reached out. made the first phone call. and here we were yesterday. >> kind of cool. carl's like whoa, you can do that? i can buy that? and -- >> right. >> we have a ceo here. i actually want to ask him what he thinks of that but we'll get to that -- >> wait a minute i build this big position up -- and this is awesome man. this is woo-hoo! carl would enjoy -- it wasn't done exactly like that. i don't think he bought it and then went to -- but did raise a few eyebrows. >> a lot of eyebrows. right? >> perfectly legal. >> will it remain that way? that's the question. a year from now will it still be? i don't know. >> i would say probably still will be. i mean it's two private equity firms decide to collaborate on acquiring a company and making a bid for a compa

. >>> wanted to get to a takeover battle we've been following for quite some time, that being valeant'sy on the earnings they reported. perhaps lower than some of the analysts following the company, although it does seem to be in part due to the sale of an asset that you would expect. if that were to keep up, it affects the value. interestingly, the spread on the deal has actually narrowed a bit. it's worth about $172 per allergan share in stock that they've made. the spread right now, let's call it around three, a little over $3 a share, so that has narrowed. on the conference call, mike pearson, ceo, when asked do you have a plan b? he said yeah, we do have a plan b. if we don't succeed if buying allergan, we lined up a number of medium and large transactions, if for some reason we have to go to plan b. he also said listen, we surprise people as well when we pursued these targets. nobody expected us to go after bausch & lomb. so an update there. we'll be keeping an eye on those shares. if that continues to deteriorate. it certainly has an impact on their ability to continue to mount t

. >> you heard the ceo of valeant say forget about -- i think they do 4% of their business as r&d.g to invest in start-ups and that's our version of r&d. and you think that makes sense? >> i don't. i think the answer lies somewhere in the middle. i think that we should invest in r&d. innovation is the life blood of our industry. i think the best way for us to serve our patients and to serve our shareholders is to do r&d in a risk adjusted way. to spend our money like it's our own and to invest and not compete with a stanford professor but to invest where we can bring expertise in scale. so clinical development, regulatory affairs commercial capabilities. that's where we're best suited to spend our shareholder money. >> where do you -- >> all over the world. >> every single interview we've had, i've been hearing, we've got to go. sorry. >> appreciate it. >> thank you for having me. >> a lot of riches today in terms of interesting conversations. >> we've had some great conversations. >> half full way of looking. >> the jobs report now two days away on thursday not friday this week. w