Valeant plans to raise offer for Salix - source

Fri Mar 13, 2015 2:23pm EDT
 
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March 13 (Reuters) - Valeant Pharmaceuticals International Inc plans to raise its bid for Salix Pharmaceuticals Ltd to above $160 per share, a source familiar with matter told Reuters, hoping to end a bidding war with Endo International Plc.

Valeant, which last month agreed to buy Salix for $158 per share, or about $10 billion, is looking to team up with Ackman's Pershing Square Capital Management and other top shareholders to raise its bid, the source said.

New York Times earlier reported Valeant's plan to raise its bid. (nyti.ms/1BCpFBp)

A Valeant spokesperson declined to comment.

Endo International earlier this week offered to buy Salix for $175 per share, or about $11 billion, in cash and stock. (Reporting by Natalie Grover in Bengaluru and Greg Roumeliotis in New York; Editing by Sriraj Kalluvila)