BUZZ-Endo International Plc: Valeant plans raised bid for Salix - sources

Fri Mar 13, 2015 2:38pm EDT
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** Dublin-based Endo's shares down 4 pct at $87.02

** Canada's Valeant Pharmaceuticals International Inc planning to raise bid for American drugmaker Salix Pharmaceuticals Ltd to end bidding war with Endo, sources tell Reuters

** Raised offer will be above $160 a share and consist entirely of cash, sources said

** Valeant is working with Pershing Square Capital Management and other top shareholders, including ValueAct Capital

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

** Valeant bid $10.1 bln in cash for Salix on Feb. 22

** Valeant's U.S.-listed shares up 2 pct and Toronto-listed stock up 2.5 pct; Salix down about 1 pct

** Up to Thursday's close, Endo stock had gained 40 pct since Sept. 16, when company announced acquisition of Auxilium Pharmaceuticals Inc