Nothing like a bit of M&A speculation to make people forget about a
It's good news in one sense: It would give Valeant a significant and very
It is also good news in the context of Valeant's particular reality distortion field, where news that would be seen as horrible in any other situation
Valeant shares bounced more than 30 percent on Tuesday, but only after hitting a six-year low the day before on the news about its former executives. Hooray?
Here in normal, non-distorted, reality, Valeant may be about to sell a business it bought roughly a year and a half ago at a $1 billion loss. The haircut is even larger if you count the Salix debt Valeant assumed, or if you consider the vaporization of millions in wasted transaction and integration spending. And the deal's immediate payout may only be $8.5 billion; the...