March 15, 2015 / 10:09 PM / 3 years ago

Endo claims it could close Salix deal swiftly - email

March 15 (Reuters) - Endo International Plc, which is in a bidding war with Valeant Pharmaceuticals International Inc for Salix Pharmaceuticals Ltd, believes it could close a takeover within as little as five weeks of a negotiated deal, according to an email obtained by Reuters.

The timing is possible because under Irish law, there is only a minimum of 17 days required between mailing proxy materials and holding a shareholder meeting, according to the email from Endo Chief Executive Officer Rajiv De Silva to employees.

In addition, the proposal is not subject to financing conditions, the CEO said.

“We believe that we could successfully close this transaction within a period as short as 5-6 weeks of a negotiated agreement,” De Silva said in the email.

Endo last week offered to buy Salix for $175 per share, or about $11 billion, in cash and stock.

Valeant last month had agreed to buy Salix for $158 per share, or about $10 billion. Reuters reported on Friday that Valeant plans to raise its bid to close to $170 per share in hopes of ending the bidding war for the bowel drug maker.

Reporting by Olivia Oran in New York, writing by Lewis Krauskopf; Editing by Christian Plumb

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