MISSISSAUGA, Ontario, Nov. 4, 2010 /PRNewswire-FirstCall/ —
Valeant Pharmaceuticals International, Inc. (NYSE:
VRX) (TSX: VRX) today announced that the Company’s Board of
Directors (the “Board”) has declared a one-time special dividend of
US$1.00 per common share (the “Special Dividend”) that shareholders
of record as of the close of business on November 15, 2010 (the
“Record Date”) will be entitled to receive on December 22, 2010.
The Board declared the Special Dividend in connection with
the consummation, on September 28, 2010, of the previously
announced merger of Valeant Pharmaceuticals International and
Biovail Corporation. After payment of the Special Dividend,
the Company does not expect to pay dividends in the future.
In addition, the Board has approved the establishment of a
Special Dividend Reinvestment Plan (the “Plan”), which will enable
eligible shareholders to elect to reinvest the Special Dividend
(net of any applicable withholding tax) in additional common shares
of the Company ( the “Common Shares”). Only Canadian and
United States residents who are shareholders of record as of the
Record Date will be eligible to participate in the Plan.
The Plan is being created solely for use in connection with the
Special Dividend and will only be used for this one-time purpose.
The Plan will automatically terminate on December 22, 2010,
immediately following payment of the Special Dividend.
Before enrolling, eligible shareholders are advised to read the
complete text of the Plan and to consult their financial advisers
regarding their unique investment profile and tax situation.
CIBC Mellon Trust Company (the “Agent”) has been appointed as
the agent to administer the Plan. Shareholders of record as
of the Record Date will receive by mail the Plan and enrollment
form, as well as the registration statement on Form S-