Bid for Allergan: Morgan Stanley gets a bitter pill

[NEW YORK] In its quest to defend against a US$53 billion hostile takeover, Allergan pulled back the veil on the usually secretive world of mergers and acquisitions banking on Monday.

Reiterating its belief that the business model of Valeant Pharmaceuticals is unsustainable, Botox-maker Allergan took the unusual step of publishing excerpts from emails written by senior investment bankers that it says bolsters its case.

Morgan Stanley is now advising Valeant, according to people briefed on the matter. But before it began working for Valeant, Morgan Stanley tried to get hired by Allergan.