UPDATE 3-Valeant says may raise Allergan bid; beats on profit

Mon Oct 20, 2014 12:48pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds comment on potential rival bids, no comment from Allergan, updates stock prices)

By Rod Nickel and Ashutosh Pandey

Oct 20 (Reuters) - Valeant Pharmaceuticals International Inc said on Monday that it may raise its bid for Botox maker Allergan Inc after the Canadian company posted a better-than-expected quarterly profit.

Valeant CEO Michael Pearson said a possible revised stock and cash bid would be worth more than $200 per share, assuming that Valeant's stock rises, and would include more cash. The current bid is worth about $52.7 billion or $176 per share.

Valeant shares were up 2.3 percent at $122.99 and Allergan shares were up 2.1 percent at $181.25, both in New York.

Valeant's third-quarter results were keenly anticipated for their potential impact on Valeant's bid for Allergan, maker of anti-wrinkle injection Botox. Unlike most quarters in which, according to critics, one-time charges related to acquisitions obscure Valeant's performance, the company made few deals as it stalked Allergan.

"When people have time to reflect on our performance this quarter, it hopefully goes a long way of convincing the Allergan shareholders that our currency is actually a great stock to own," Pearson told Reuters.

He said Valeant is considering adding more cash to its bid, and could make a decision on it at any time.

"We have some money in our pocket," he said.   Continued...