Valeant Pharmaceuticals International Inc said on Friday it would boost its takeover bid for Botox-maker Allergan Inc for the second time this week, contingent on the two sides negotiating.Laval, Quebec-based 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 revised, unsolicited offer was triggered 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.The offer is worth $53.8 billion, up from Wednesday's $49.9 billion bid.Allergan shares closed 5.7 percent higher at $167.46 while Valeant shares were 1.6 percent higher at C$142.43.
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 5.65% or $8.96/share to $167.46. 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 11612203.
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 1.54% or $1.99/share to $131.21. 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 11607313.
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 1.59% or $2.23/share to $142.34. 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 549904.
Source
