Valeant increases bid for Botox-maker Allergan

Wed May 28, 2014 6:13am EDT
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May 28 (Reuters) - Canadian drugmaker Valeant Pharmaceuticals International Inc raised the cash component of its offer for Botox-maker Allergan Inc by $10 per share.

Valeant on Wednesday offered to pay $58.30 per Allergan share in cash, about 21 percent higher than its previous offer of $48.30.

The stock component of the offer remains the same at 0.83 of a Valeant share for each to Allergan share held.

Valeant and activist investor Bill Ackman had made an unsolicited $47 billion bid to buy Allergan on April 22, which Allergan spurned. (Reporting by Esha Dey in Bangalore; Editing by Savio D'Souza)