UPDATE 1-Valeant plans to raise offer for Salix close to $170/shr -source

Fri Mar 13, 2015 8:07pm EDT
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(Updates Valeant's offer)

By Greg Roumeliotis

March 13 (Reuters) - Valeant Pharmaceuticals International Inc plans to raise its bid for Salix Pharmaceuticals Ltd close to $170 per share, a person familiar with matter told Reuters.

Canada's Valeant is hoping to end a bidding war with Endo International Plc to acquire the bowel drug maker Salix.

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

The New York Times earlier reported Valeant's plan to raise its bid to above $160 per share. (nyti.ms/1BCpFBp)

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