BUZZ-Salix Pharmaceuticals Plc: Valeant raises all-cash offer

Mon Mar 16, 2015 8:30am EDT
 
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** American drugmaker's shares up 2 pct at $173 premarket

** Canadian drugmaker Valeant Pharmaceuticals International Inc raised its offer to buy Salix to $173 from $158 in cash

** Valeant says the new offer provides Salix stockholders with about $1 billion more in cash on Monday; earlier bid was $10.1 bln in cash for Salix on Feb. 22

** Sources told Reuters on Friday Valeant was working with its top shareholders on plans to raise its offer for Salix, sending Dublin-based Endo International Plc's shares down

** Endo offered to buy Salix for $11 bln in cash and stock on March 11, or about $175 per share as of that date

** Endo believes it could close a takeover within as little as five weeks of a negotiated deal, according to an email obtained by Reuters

** Valeant's U.S.-listed shares up 1 pct at $199.48, Endo's shares untraded

** Up to Friday's close, Salix stock had gained 7 pct since Valeant first bid for the company