Valeant Pharmaceuticals International Inc (VRX.TO) said on Monday it might be willing to increase its takeover offer for Cephalon Inc (CEPH.O) if the U.S. drugmaker agreed to open its books to due diligence. Valeant announced an unsolicited $5.7 billion bid for Cephalon on March 29 that valued the company at $73 a share, but Cephalon's shares have since traded above that level, suggesting investors are expecting a higher offer. On Friday the shares closed at $76.70. "Valeant reaffirms its position that it would be willing to increase its offer price modestly if Cephalon's board of directors would allow Valeant to conduct due diligence and the results of such due diligence support a higher offer," Valeant said on Monday. ($1=$0.95 Canadian) (Reporting by Pav Jordan, editing by Gerald E. McCormick)
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