Valeant Pharmaceuticals International Inc said on Friday that it would adjust the cash component in its takeover bid for Botox-maker Allergan Inc for the second time this week, contingent on the two sides negotiating.Valeant said it would pay $72 in cash - up from $58.30 on Wednesday - and 0.83 share of Valeant stock for each Allergan share. The offer was made possible by Pershing Square, the hedge fund controlled by Bill Ackman that is Allergan's biggest shareholder, agreeing to take only stock in Valeant for its Allergan shares and receive no cash.Shares of Allergan jumped 5.1 percent in New York to $166.57 after a trading halt, while Valeant stock climbed 1.1 percent to $130.66.Ackman said he called Valeant Chief Executive Mike Pearson on Friday morning and offered to take stock for his Allergan shares if Pearson increased the cash offer to other shareholders.
Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN traded higher by 5.89% or $9.34/share to $167.84. In the past year, the shares have traded as low as $81.33 and as high as $170.05. On average, 4361420 shares of AGN exchange hands on a given day and today's volume is recorded at 8599460.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 1.83% or $2.36/share to $131.58. In the past year, the shares have traded as low as $81.94 and as high as $153.10. On average, 3027590 shares of VRX exchange hands on a given day and today's volume is recorded at 10164854.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 1.92% or $2.69/share to $142.80. In the past year, the shares have traded as low as $83.39 and as high as $170.45. On average, 385702 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 400793.
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