BUZZ-Salix Pharmaceuticals Plc: Valeant raises offer; Endo backs out

Mon Mar 16, 2015 10:23am EDT
 
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(Updates)

** Salix's shares up nearly 2 pct at $172.70, after Valeant Pharma raises bid and Endo International Plc pulls its offer

** Canada's Valeant raises its all-cash offer for Salix to $173 per share from $158, topping Endo's cash-and-stock offer of $172.56 as of Friday's close

** Valeant new offer, worth $10.96 billion, provides Salix stockholders with about $1 billion more in cash

** Valeant's U.S.-listed shares up about 2 pct at $201.66, bouncing back to the same level they were before Endo made its offer for Salix on Wednesday

** Endo stock up 2 pct to $89.25, close to where it was trading when it made its offer

** Up to Friday's close, Salix stock had gained 7 pct since Valeant first bid for the company on Feb. 22

** More than 7.5 million Salix shares were traded on Monday, making then the 4th most active on the Nasdaq