Valeant Pharmaceuticals Intl Inc (NYSE: VRX) will raise its bid for Salix Pharmaceuticals, Ltd. (NASDAQ: SLXP) to $173 per share from $158 per share. The move counters an offer of $172.50 that Endo International plc (NASDAQ: ENDP) offered last week.
Endo's bid would take more time and require a vote of its shareholders before it closed. However, Valeant's deal is all-cash. Activist investor Bill Ackman of Pershing Square Capital Management said last week on CNBC that Valeant will not "overpay" for Salix. Pershing Square has a 5 percent stake in Valeant.
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In the new deal, Valeant is only required to maintain its off until May 1, while Salix will owe Valeant $450 million if Salix takes another deal.
Valeant is less than 1 percent higher in premarket trade. As can be expected, Salix jumped 1.5 percent to $172.