Valeant Pharmaceuticals was competing against Endo Pharmaceuticals for the acquisition of Salix Pharmaceuticals. Valeant Pharmaceuticals is offering $173 per share cash offer. Initially, Valeant offered a bid of $158 per share, but later boosted it by nearly 10% to $173 per share when Endo proposed a $175 a share cash and stock takeover offer. Endo Pharmaceuticals withdrew its unsolicited bid on Monday. Ultimately, Salix favored Valeant's all-cash takeover effort, rather than Endo's cash and stock- based bid.
Valeant's revised offer of $173 a share cash offer will provide Salix shareholders, with all-cash at a premium. The deal will give Salix investors approximately $1 billion in extra cash and values the company at about $15.8 billion.
Summary by MedicalGroups.com
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