(Reuters) - Valeant Pharmaceuticals International Inc (>> Valeant Pharmaceuticals Intl Inc) Chief Executive Michael Pearson said on Monday that the company can't justify matching Actavis Plc's (>> Actavis PLC) $219 per share bid for Allergan Inc (>> Allergan, Inc.).
Allergan agreed to be bought by Actavis for $66 billion (42 billion pounds), more than $12 billion above the current value of a hostile bid by activist investor William Ackman and Valeant.
(Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Bernadette Baum)