Valeant says ready to raise Allergan bid to at least $200/share

Mon Oct 27, 2014 7:21am EDT
 
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Oct 27 (Reuters) - Valeant Pharmaceuticals International Inc said it is prepared to improve its offer for Allergan Inc to at least $200 per share.

The Botox maker's shares closed at $184.21 on Friday.

Valeant Chief Executive Michael Pearson said in a letter to Allergan's board that Allergan's stock would not be trading at the multiples it is now if it were not for Valeant's offer.

Pearson told Reuters last week that 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.

(Reporting by Sayantani Ghosh in Bangalore; Editing by Sriraj Kalluvila)