UPDATE 4-Endo offers about $11 bln for Salix, trumping Valeant

Wed Mar 11, 2015 6:01pm EDT
 
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* Offer values Salix at $175/share

* Salix says will review offer

* Endo falls 1 pct, Salix up 7 pct, Valeant closes down 3 pct (Adds Valeant comment, updates shares)

By Mike Stone and Ankur Banerjee

March 11 (Reuters) - Endo International Plc offered to buy Salix Pharmaceuticals Ltd for about $11 billion in cash and stock, trumping an agreed bid by Canada's Valeant Pharmaceuticals International Inc .

Endo said it would pay $175 per Salix share, a premium of 11 percent to the stock's close on Tuesday.

Valeant agreed to buy the bowel drug maker in late February for about $10 billion in cash, or $158 per share.

The company is firmly committed to the all-cash agreed transaction, Valeant told Reuters on Wednesday.

If Endo's bid goes through, Salix shareholders will own about 40 percent of the combined company, Endo said, adding that it would offer one seat on the new company's board to Salix.   Continued...