Put this in the category of, if you can’t say something nice, don’t write it in an e-mail.
Bloomberg News reports that a few weeks ago, Morgan Stanley pitched its defence services to Allergan, which was fighting a hostile takeover bid from Valeant Pharmaceuticals International. Valeant was a 'house of cards' with an unsustainable business model, Morgan Stanley bankers wrote in the e-mails to Allergan, which released them Monday.
Allergan decided not to hire Morgan Stanley - while Valeant recently did.
The unusual disclosure of the e-mails was intended to bolster Allergan’s argument that Valeant is a flawed buyer - and shows how antagonistic the battle between the two pharmaceutical companies has become.
The Morgan Stanley e-mails were sent to Allergan Chief Executive Officer David Pyott and other company officers.
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