Valeant Pharmaceuticals took its $50.8 billion bid to purchase Allergan directly to its shareholders on Wednesday; two days after Allergan reiterated its concern over Valeant’s “unsustainable” business model

Allergan warned its shareholders on Monday about Valeant’s business plan, saying it relies too heavily on serial acquisitions and cost reductions, as opposed to a more sustainable model of top-line revenue growth and operational excellence.

The Quebec-based Valeant told Allergan shareholders it can choose to trade each of their shares for $72 in cash and 0.83 Valeant shares.

Allergan said its board would review the offer from Valeant, although it rejected the last Valeant bid — featuring the same major terms — on June 10.

Valeant said its offer will expire on Aug. 15, unless extended. — Kellen Owings

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